Toba Owojaiye reporting
Abuja, Nigeria
President Bola Ahmed Tinubu has taken decisive action to overhaul Nigeria’s oil and gas industry, aiming to attract investments and bolster the country’s position as a prime destination for energy sector investments in Africa.
In a press release issued from the State House and duly monitored by Truth Live News, President Tinubu outlined a series of Policy Directives designed to enhance the investment climate and streamline processes within the oil and gas sector. These directives, crafted after thorough engagements, analyses, and benchmarking exercises with other jurisdictions, are set to revolutionize the industry.
The President’s directives include the introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments. This move is expected to incentivize investment in these critical areas, fostering growth and innovation within the sector.
Furthermore, the contracting process is set to undergo a significant overhaul, with the aim of reducing the contracting cycle to a swift six months. This streamlined approach seeks to minimize delays and bureaucracy, thereby expediting project timelines and improving efficiency.
Importantly, the President emphasized the need to balance local content requirements with the imperative to attract investments and maintain cost competitiveness. The directives aim to ensure that local content policies support, rather than hinder, the growth and development of the sector.
Speaking on the significance of these measures, Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, stated, “These incentives were developed in collaboration with key stakeholders across various ministries and regulatory bodies.” This collaborative effort showcases the government’s commitment to fostering a conducive environment for investment and growth within the oil and gas sector.
The implementation of these directives will be overseen by the Special Adviser to the President on Energy, who has been tasked with coordinating with relevant stakeholders to ensure timely execution.
As Nigeria continues its journey towards economic diversification and sustainable growth, President Tinubu’s executive orders represent a crucial step towards unlocking the immense potential of the country’s oil and gas resources.
With a renewed focus on efficiency, transparency, and investment promotion, the stage is set for a vibrant and dynamic energy sector that will drive Nigeria’s development agenda forward.