President Bola Tinubu has signed three execution orders to help improve the investment climate and position Nigeria as the preferred investment destination for the oil and gas sector in Africa.
In a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, the documents are in line with the President’s efforts to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians.
The orders are to introduce fiscal incentives for oil & gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.
The executive orders will address :
(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) And the application of the local content requirements without hindering investments or cost competitiveness.
The details of these Policy Directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.