- December 18, 2025
- Posted by: Imo Udokang
- Category: News
The Oil and Gas Free Zones Authority (OGFZA) has thrown its weight behind calls for a 10-year exemption for operators in oil and gas free zones from the new tax law.
The Managing Director and Chief Executive Officer of OGFZA, Mr. Bamanga Usman Jada, made the call on Thursday in Onne, Rivers state, during a town hall meeting with the Federal Inland Revenue Service (FIRS) and OGFZA licensees.
Jada said the proposed 10-year extension would provide operators with the necessary “adaptation space” to transition and comply with evolving tax requirements.
“Accordingly, OGFZA supports the call for a ten-year extension of existing tax incentives, coupled with a phased implementation to mitigate potential disruptions. Many of our licensees, including prominent foreign investors, formulate strategies spanning 10, 15 or even 25 years, based on prevailing incentives,” he said.
He added that granting the transitional period would reinforce the Renewed Hope Agenda and ensure policy consistency, which he described as a cornerstone for attracting sustained investment.
The OGFZA chief disclosed that Nigeria’s free zones have attracted over $24 billion in investments, underscoring their strategic importance to the nation’s economy.
In his remarks, the Executive Chairman of FIRS, Dr. Zacch Adedeji, described the 2025 tax reforms as a major step towards modernising Nigeria’s fiscal framework.
Represented by his Special Adviser on Tax Incentives, Dr. Cletus Adie, Adedeji said the introduction of a tax clearance certificate as a mandatory requirement for the renewal of operating licences had become critical.
“For export processing and free trade zones, the focus is not on taxing income or profits, but on promoting transparency, accountability and proper reporting,” he said.
