President Tinubu Signs Executive Orders On Oil and Gas Reforms To Accelerate Investment

Tinubu Signs Executive Orders On Oil and Gas Reforms To Accelerate Investment
Bola Ahmed Tinubu
In keeping with his dedicated efforts to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians, His Excellency, President Bola Ahmed Tinubu has executed Policy Directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa.

This was contained in a statement released by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, on Wednesday.

The statement read "Following extensive engagements, analyses, and benchmarking with other jurisdictions, the President has initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements. Recognizing the urgency to accelerate investments, the President has directed as follows:

1. Introduction of fiscal incentives for non-associated gas, midstream and deepwater developments.

2. ⁠Streamlining of contracting process to compress the contracting cycle to six months.

3. ⁠The application of the local content requirements without hindering investments or the cost competitiveness.

"The details of these Policy Directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation," Chief Ngelale stated.

These incentives were developed in collaboration with the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum, Federal Ministry of Budget and Economic Planning, Federal Inland Revenue Service, the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Commission, and the Nigerian Content Development and Monitoring Board.

The Special Adviser to the President on Energy has been directed to continue coordinating the aforementioned stakeholders to ensure the implementation of these directives within a stipulated timeframe.

Category: World-News
Tag: Tinubu Signs Executive Orders On Oil and Gas Reforms To Accelerate Investment
Written by Author (author)
Published 3/6/2024 10:24:45 PM

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