FOREIGN oil firms operating in Nigeria will henceforth not enjoy monetary incentives granted them by the Federal Government 22 years ago.
This followed the termination of all agreements on fiscal incentives given to the companies for the purpose of increasing oil and gas exploration. The Memoranda of Understanding (MOU) between the government and the oil multinationals were signed in 1986 to strengthen the beneficiaries following the crash in the international oil prices and the attendant reluctance of some of oil-producing companies to invest in oil and gas activities in the country.
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This article addresses recent decisions to remove incentives for Nigerian oil firms. These incentives were removed for various reasons, including evidence that the funds were being used in places other than their designated area. This removal is occuring in order to continue "on-going reforms in the industry" which shows evidence of Nigeria's modernization. The nation is attempting to better itself by making its various industries the best they can possibly be while still adjusting various mindsets in the nation, including the excessive amount of corruption that has consumed Nigeria for so long.
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