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Tinubu signs Executive Orders on oil and gas reforms

President Bola Ahmed Tinubu

*President Bola Ahmed Tinubu issues policy directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil and gas sector on the African continent

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu has issued Policy Directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil and gas sector in Africa.

Chief Ajuri Ngelale, Presidential Spokesman, who disclosed this development in a statement issued Wednesday, March 6, 2024, said following extensive engagements, analyses, and benchmarking with other jurisdictions, President Tinubu had 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. Recognising the urgency to accelerate investments, the statement noted President Tinubu 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, stated the Spokesman.

The Federal Government stated that 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, added the statement.

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