Melvin Onwubuke
President Bola Tinubu has signed new Executive Orders aimed at boosting the investment environment and ensuring that Nigeria is Africa’s top choice for oil and gas investments.
This was disclosed by the spokesperson for the president of media and publicity, Ajuri Ngelale, in a statement on Wednesday, according to nairametrics.
According to Ngelale, the directives set out financing incentives for the development of non-associated gas, midstream operations, and offshore projects.
Moreover, the initiative focused on optimizing the procurement process with a view to reducing the cycle period to six months.
According to the statement signed by Ngelale, the President has ordered the special adviser on Energy to continue coordinating the aforementioned stakeholders to ensure the implementation of these directives within a stipulated timeframe.
The statement reads “President Bola Ahmed Tinubu has issued Policy Directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa.
“Following extensive engagements, analyses, and benchmarking with other jurisdictions, the President has initiated the amendment of primary legislation to introduce fiscal incentives for oil & 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:
Introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments.
Streamlining of contracting process to compress the contracting cycle to six months.
“The application of the local content requirements without hindering investments or the cost competitiveness.”
