JUST IN: Tinubu Signs Executive Order On Oil And Gas Reforms

EKO HOT BLOG reports that President Bola Ahmed Tinubu has implemented policy directives aimed at enhancing the investment climate and positioning Nigeria as the primary investment hub for the oil and gas sector in Africa. This information was disclosed in a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale.

Ngelale emphasized that Tinubu’s actions reflect his committed efforts to eliminate barriers to investment in Nigeria, leverage the nation’s resources, and foster economic diversification for the collective welfare of all Nigerians.

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The statement adds: “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.

“Recognizing the urgency to accelerate investments, the President 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.

“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.”