July 14, 2024
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Reforming Nigeria’s Oil and Gas Sector, Tinubu Signs Executive Orders.

In order to make Nigeria’s climate more investment friendly, and position it as the best place for investment in Africa, the Nigerian President Bola Ahmad Tinubu, has issued executive policy directives.

The presidential spokesman, Ajuri Ngelale, on Wednesday, said in a statement that this move isin line with the president’s effort in removing any hinderances to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians.

He said recognizing the urgency to accelerate investments, the President has directed the “Introduction of fiscal incentives for non-associated gas, midstream and deepwater developments.

He said that the president has also ordered the streamlining of the contract process, to reduce contract circle to six months. And the application of the local content requirements without causing hinderances to investments or the cost competitiveness.

He said the policies were created in conjunction with Federal Ministries of Justice, Finance, Petroleum and Budget and Economic Planning, the 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.

“The Special Adviser to the President on Energy has been directed to continue coordinating the aforementioned stakeholders to ensure the implementation of these directives within a stipulated timeframe,” Ajuri said.

Details of the policy directives will be duely communicated by the Federal Ministry of Information and National Orientation, Ngalele noted.

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