March 06, (THEWILL) – President Bola Tinubu has signed an Executive Order on oil and gas reforms to position Nigeria as the preferred investment destination for the Oil & gas sector in Africa.
A press statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, disclosed that the President has also initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas projects, reduce contracting costs and timelines, as well as promote cost efficiency in local content requirements.
Identifying the urgency to accelerate investments in the oil and gas sector, the President equally directed the Introduction of fiscal incentives for non-associated gas, midstream and deep water developments.
The President Nigerian also initiated the streamlining of the contracting process to compress the contracting cycle to six months.
The directive issued includes the application of the local content requirements without hindering investments or cost competitiveness.
Ajuri said the details of these Policy Directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.
“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.
“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”, Ajuri added.
The President also directed his Special Adviser on Energy to continue with the coordination of all aforementioned stakeholders to ensure the implementation of the directives within a stipulated time frame.
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