The decision of Norway to grant tax relief packages to Equinor and other companies hit by low crude prices is expected to increase oil and gas investment within the region, a development that holds lessons for Africa’s biggest oil-producing country.
Nigeria is an oil-producing country like Norway but that is where the similarity ends. Norway is a nation of five million people who have invested the revenues from its 1.64m barrels per day (bpd) production through its Sovereign Wealth Fund while Nigeria shares its own oil revenues.
The move by Norway to grant tax incentives to spur investment and safeguard jobs is expected to increase investment in oil and gas activity by at least 1.6 percent this year compared to 2019, the latest investment survey by Statistics Norway revea...for further reading, click on https://businessday.ng/energy/oilandgas/article/norway-shows-nigeria-how-to-boost-oil-investment-with-tax-relief/
SOURCE: BusinessDay Newspaper Aug 25,2020.