The KPMG Guide: Nigeria’s Oil and Gas Outlook & Nigerian Content
The Nigerian government has been encouraging local content development in some key and strategic sectors of the economy including the oil and gas. Gain valuable insight on Nigeria’s Oil and Gas Outlook in the webinar
The Nigerian government has been encouraging local content development in some key and strategic sectors of the economy including the oil and gas. Gain valuable insight on Nigeria’s Oil and Gas Outlook in the webinarWatch On-Demand
Nigeria is the largest economy in Africa and the 26th largest economy in the world, with a nominal GDP of about US$405 billion as of 2016. The country is also the largest producer of oil and gas in Africa with petroleum exports value in 2017 exceeding $38billion.
While there are no restrictions on the percentage shareholding foreign investors can hold in a Nigerian company, the Nigerian government has been encouraging local content development in some key and strategic sectors of the economy including the oil and gas. One way the country is doing this is through the implementation of the Nigerian Oil and Gas Industry Content Development Act (NOGIC Act) which provides for the development of Nigerian content in the Nigerian oil and gas industry, Nigerian content plan, supervision, coordination, monitoring and implementation of Nigerian content.
Join this webinar to learn:
- Unique insights to the potential opportunities and risks in the Nigerian Oil & Gas sector
- The impact of new fiscal terms that may come to play.
Partner, Energy & Natural Resources, Tax, Regulatory & People Services
Ayo Salami is a Partner in the Tax, Regulatory & People Services practice of KPMG in Nigeria and has garnered over 23 years’ experience in advising various clients in the energy and natural resources (ENR) industry on tax and regulatory issues, proffering solutions with industry leading practices. Ayo has had varied opportunities of managing tax affairs, regulatory advisory and tax due diligence exercises in the upstream and downstream sectors of the Nigerian oil and gas market, power and utilities industry, consumer/industrial markets, manufacturing as well as financial services Industry.
He assisted several oil and gas clients with providing high level report on the Nigerian Local Content regulations and relevant implications on their business operations. He led the team on the review of the Petroleum Industry Bill (PIB) in respect of a DFID-funded program for the Federal Inland Revenue Service (FIRS). He has acted as expert witness in tax arbitrations between numerous oil service companies and the federal tax authorities.
Ayo also served as lead instructor on major training programs in Nigeria and outside the country (including training program on petroleum taxation for senior management of the FIRS). He also leads the initiatives on the review of Nigerian Oil and Gas Industry Content Development Act and the awareness on the Voluntary Assets & Income Declaration Scheme (VAIDS) launched by the Federal Ministry of Finance, in KPMG Nigeria. He has published articles/presentations on topical tax and regulatory issues in both local and international journals.