On 25 January 2019, the Nigerian president signed Executive Order 007 on the Road Infrastructure Refurbishment and Development Tax Credit Scheme. The executive order implements a tax and legal framework for private investments in construction and refurbishment of qualifying road infrastructure projects. The scheme provides that the total investment cost incurred by participants in qualifying projects may be recovered as a tax credit against future corporate income tax payable. Unused tax credits may be carried forward indefinitely for offset in subsequent years. Companies receiving the tax credit may also opt to sell the credit as a security to another company...