President Bola Ahmed Tinubu has signed executive orders on oil and gas reforms aimed at creating an enabling environment and removing obstacles to investments in Nigeria.
Chief Ajuri Ngelale, Special Adviser to the President Media and Publicity, in a statement in Abuja, said the move was also because the president recognised “the urgency to accelerate investments across the country.”
Consequently, he named the orders as the “Introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments.
“Streamlining of contracting process to compress the contracting cycle to six months,” and, “The application of the local content requirements without hindering investments or cost competitiveness.”
Part of the statement also read that the executive orders were in keeping with the president’s “dedicated efforts to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians.”
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He said the president, by the orders, has shown that he is committed to improving the investment climate and positioning Nigeria as the preferred investment destination for the oil and gas sector in Africa.
The statement said, “Following extensive engagements, analyses, and benchmarking with other jurisdictions, the president has initiated the amendment of primary legislation to introduce fiscal incentives for oil and gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.”
