In our previous article regarding the sixth Nigerian International Energy Summit, which had the compelling theme of "Global Perspectives for a Sustainable Energy Future," we highlighted that one of the crucial topics that were discussed during the summit pertained to the assessment of taxes and tariffs within the Gas sector.
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has called for all parties involved in Nigeria's Decade of Gas Programme to provide annual status reports on successes, issues, support required, and target completion dates. The programme aims to use gas as an enabler to achieve industrialisation, economic prosperity, and tackle energy poverty from 2021 to 2030. Mr. Wabote emphasized that stakeholders must remain focused and not lose steam in the programme's implementation, even with a new government set to assume office in 2023. He listed eight focus areas that the board was using to drive the initiative, which includes Human Capacity Development, Construction of Industrial Parks, Public-Private Partnerships, and Nigerian Content Intervention Funds. Similarly, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is finalising domestic gas prices and tariffs to boost investment in the sector. This area of discussion was a critical component of the summit as it aimed to enhance the Nigerian energy industry's capacity to attract investors and spur growth and development. By reviewing the taxes and tariffs within the Gas sector, the Nigerian government could create a more conducive investment climate, which would encourage domestic and foreign investors to invest in the sector. This, in turn, would create more employment opportunities, stimulate economic growth, and enhance the overall energy supply in the country.
Source: - This Day News.