TINUBU IMPLEMENTS EXECUTIVE ORDERS FOR REFORMS IN THE OIL AND GAS SECTOR

President Bola Ahmed Tinubu recently endorsed executive directives concerning reforms in the oil and gas sector. This strategic initiative aims to establish a conducive environment and eliminate barriers to investment in Nigeria.

According to Chief Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, the decision was prompted by the imperative need to expedite investments nationwide. The executive orders include the “Introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments.”

Furthermore, the directives involve the “Streamlining of contracting processes to compress the contracting cycle to six months” and the “Application of local content requirements without hindering investments or compromising cost competitiveness.”

These executive orders align with the President’s dedicated commitment to removing impediments to investments in Nigeria, leveraging the nation’s resources, and fostering economic diversification for the collective benefit of the Nigerian populace. The President’s actions demonstrate a resolute dedication to enhancing the investment climate and positioning Nigeria as the preferred investment destination in Africa’s oil and gas sector.

From the News Source: DailyTrust