Oil and gas businesses seeking to lower their tax obligations and increase profitability by investing in R&D are being offered a 20% tax incentive by the Federal Inland Revenue Service (FIRS) and the Nigerian
Content Development and Monitoring Board (NCDMB) (R&D). The most recent initiative to draw R&D investments and investor incentives complies with existing tax legislation.
The $50 million Nigerian Content Research & Development Fund was established to support strategic initiatives and advancements in the ecosystem for research and development after the Executive Secretary recognized finance as one of the fundamental pillars of R&D.
Mr. Muhammad Nami, Executive Chairman of the Federal Inland Revenue Service, reaffirmed this in his statements “Research and development (R&D) has been recognized as a genuine business strategy.