Shell's $11.50-Per-Barrel Tax Credit: Nigeria Bets Big on Oil to Fund Its Future [IMAGE: Photo of an offshore oil rig] Introduction While security dominates the headlines, Nigeria's economic engine room has been just as busy. The federal government has approved a special production-linked tax credit of $11.50 for every barrel of crude oil produced by Shell Plc and its partners under the Bonga Southwest Aparo deepwater project — a move aimed at unlocking an estimated $20 billion in fresh investment. Why the Government Is Sweetening the Deal The incentive, approved by President Tinubu, is more than double the standard production tax credit and is intended to help the long-delayed deepwater project finally reach its Final Investment Decision. Government sources say the same fiscal incentive will be extended to other international oil companies developing new deepwater projects until at least 2029, part of a broader strategy to revive investment, boost crude output, and strengthen ...