The Oil and Gas Free Zones Authority has urged the federal government to grant operators in oil and gas free zones a 10-year exemption from the new tax law.

The managing director of OGFZA, Bamanga Jada, in a statement on Sunday, said this would help to sustain over $24 billion in investments attracted into the sector.

He said the proposed exemption would provide operators with the needed transition period to adjust to evolving tax requirements.

While meeting with some officials of the Federal Inland Revenue Service and OGFZA licencees in Rivers, Mr Jada said many investors planned operations over long-term horizons of 10 to 25 years.

He said Nigeria’s oil and gas free zones had attracted more than $24 billion in investments, host over 200 enterprises, and have generated hundreds of thousands of direct and indirect jobs.

The managing director further said that policy consistency was vital for sustaining investor confidence under the Renewed Hope Agenda.

According to him, exports from the zones have risen to 496,537,804 metric tonnes under the current administration, supplying markets in Brazil, the U.S., France, India, the UK, and Korea.

Mr Jada reaffirmed OGFZA’s readiness to continue collaboration with FIRS to ensure efficient and fair implementation of tax reforms.

The executive chairman of FIRS, Zacch Adedeji, described the 2025 tax reforms as a major step towards modernising Nigeria’s fiscal framework.

Mr Adedeji said the 2025 tax reforms aimed to modernise Nigeria’s fiscal framework, with an emphasis on transparency, accountability, and compliance rather than taxing profits in free zones.

He said that, for export processing and free trade zones, the reforms focused on strengthening compliance and ensuring that the zones contributed effectively to national development.

Stakeholders at the meeting unanimously called for the exemption of operators in special economic and free zones from the provisions of the new tax law to enable a smooth adjustment period and safeguard investments.

(NAN)