President Bola Ahmed Tinubu has signed executive orders to attract investment and optimise resources in Nigeria’s oil and gas sector.
The order would address bureaucratic bottlenecks and contracting delays that have hindered the sector’s growth, according to a statement by Ajuri Ngelale, Special Adviser on Media and Publicity to the President.
Ngelale said the policy directives were crafted after extensive consultations and benchmarking with global best practices, and are designed to position Nigeria as the top choice for oil and gas investments in Africa.
He noted that the special adviser to the president on energy will oversee the implementation of the directives, emphasising the administration’s commitment to driving sustainable growth and development in the energy industry.
Parts of the statement read; “The order will include the introduction of incentives to stimulate non-associated gas projects, midstream developments, and deepwater ventures.
“It will mandate a reduction of the contracting cycle to expedite project timelines, now set at a swift six months.
“It will also ensure the application of local content requirements to enhance local involvement without compromising investment attractiveness.
“The reform is targeted to accelerate Nigeria’s economic growth and increase its competitiveness in the global oil and gas market.”
The statement added that the policy reforms were crafted in collaboration with key ministries and agencies such as the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum, Federal Ministry of Budget and Economic Planning, 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.
