President Bola Tinubu on Wednesday, signed executive orders, approving three new directives in the oil and gas sector.
This development is set to introduce fiscal incentives for related projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.
A statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, explained that this followed “extensive engagements, analyses, and benchmarking with other jurisdictions”.
According to Ngelale, Tinubu approved the “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.”
Wednesday’s directive is in keeping with his efforts to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of Nigerians, said the Presidency.
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