Executive Orders Signed by Tinubu to Increase Investment in Oil and Gas Sector bankpawa.co .uk

Executive Orders Signed by Tinubu to Increase Investment in Oil and Gas Sector

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A slew of executive directives signed by President Bola Tinubu aims to improve and standardize Nigeria’s oil and gas sector.

In particular, he has directed the improvement of the contracting procedure in order to shorten the contracting cycle from twelve months to six months, as well as the implementation of financial incentives for midstream, deepwater, and non-associated gas projects.

Wednesday also saw the signing of an agreement to implement local content criteria in a way that would not impede investment or cost competitiveness.

Ajuri Ngelale, Tinubu’s Special Adviser on Media and Publicity, made a statement stating that the policy directions aim to make Nigeria the best place in Africa for oil and gas investments by creating a more favorable investment climate.

Additionally, Tinubu emphasized that this aligns with his commitment to facilitating investments in Nigeria, utilizing the country’s resources, and promoting economic diversification for the betterment of every Nigerian.

“The President has begun to revise primary legislation to incorporate fiscal incentives for oil and gas projects after conducting thorough interactions, assessments, and benchmarking with other jurisdictions.

Make local content requirements more cost-effective while cutting down on contracting time and money. Admitting that investments must be expedited.

The federal ministry in charge of information and national orientation will convey the details of these policy directives and have them gazetted.

Federal Ministries of Justice, Finance, Petroleum, Budget and Economic Planning, Inland Revenue Service, Nigerian National Petroleum Company Limited, Upstream, Midstream, and Downstream Petroleum Regulatory Commissions, and the Nigerian Content Development and Monitoring Board collaborated on the development of these incentives.

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According to Ajuri, “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.”

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