The Special Adviser to the President on Energy, Mrs Olu Verheijen, yesterday said the administration of President Bola Tinubu opted for fiscal incentives in the oil and gas sector to attract investments, adding that the enhanced security measures in the Niger Delta has led to increase in over 200,000 barrels/day over the last six months.
Verheijen, who spoke at the briefing on policy directives on oil and gas reforms, said the government was seeking ways to grow revenue and foreign exchange to stabilize our economy and currency.
She said the stability in the oil producing areas has increased the availability of NLNG Trains 1-6 from 57 per cent in 2023 to 70 per cent in Q1 2024 and that the president has also directed that the contracting and project delivery timelines in the oil and gas sector be reduced from 36 to six months.
“We are faced with a revenue crisis which is impacting all Nigerians. To urgently address this, President Bola Tinubu is actively seeking ways to grow revenue and to stabilise our economy and currency.
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“The oil and gas sector is critical to our ability to do so. However, our current oil and gas production and investment levels fall significantly short of our potential.
“Since 2016, Nigeria has only accounted for only four percent of Africa’s total oil and gas investments, despite possessing 38 per cent of the continent’s hydrocarbon reserves.
“His Excellency, President Bola Ahmed Tinubu is determined to re-write this narrative. His focus is to remove obstacles to investments in Nigeria; improve the investment climate; position Nigeria as the preferred investment destination for the Oil & Gas sector in Africa; diversify the economy for the benefit of all Nigerians.”
She said the president in order to achieve the objective has issued a Presidential Directive to streamline and clarify the scope of the two regulators in the petroleum sector to provide certainty and create a conducive business environment and directed the NSA and Special Adviser on Energy to coordinate enhanced security measures in the Niger Delta, among others.
