President Bola Tinubu has implemented policy directives aimed at enhancing the investment climate and positioning Nigeria as the preferred investment destination for the oil and gas sector in Africa.

 

These initiatives are part of his ongoing efforts to remove obstacles to investments, harness Nigeria’s resources, and diversify the economy for the benefit of all Nigerians.

 

According to a statement by Presidential spokesman Chief Ajuri Ngelale, on Wednesday, 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.

 

These measures are based on extensive engagements, analyses, and benchmarking with other jurisdictions.

 

To accelerate investments, President Tinubu has directed the introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments.

 

He has instructed the streamlining of the contracting process to compress the contracting cycle to six months and apply 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.

 

 

The incentives were developed in collaboration with various stakeholders, including the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum, and regulatory bodies such as the Nigerian National Petroleum Company Limited and the Nigerian Content Development and Monitoring Board.

 

 

The President’s Special Adviser on Energy has been tasked with coordinating the stakeholders to ensure the timely implementation of these directives. These measures are expected to create a conducive environment for investment in Nigeria’s oil and gas sector, driving economic growth and benefiting the Nigerian people.