President Bola Tinubu has signed an executive order aimed at enhancing the business climate and elevating Nigeria to the top of the African oil and gas industry’s investment priority list.
Special adviser to the president for media and publicity, Ajuri Ngelale stated in a statement on Wednesday that the announcement was made in response to extensive deliberations, assessments, and comparisons with other countries.
“Following extensive engagements, analyses, and benchmarking with other jurisdictions, the President has initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements,” he said.
He stated that the president has ordered the creation of tax incentives for non-associated gas, midstream, and deepwater projects due to the urgent need to speed up investments.
“Streamlining of contracting process to compress the contracting cycle to six months,” Ngelale said.
“The application of the local content requirements without hindering investments or the cost competitiveness.
“The details of these Policy Directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.
“These incentives were developed in collaboration with 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.”
