President Bola Tinubu has implemented new policies to enhance the investment environment and position Nigeria as the top choice for investment in the oil and gas industry in Africa.
The President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed this in a statement released on Wednesday.
Tinubu’s goal is to eliminate barriers to investment in Nigeria, utilize the country’s resources, and expand the economy for the welfare of all Nigerians.
The statement adds: “Following extensive engagements, analyses, and benchmarking with other jurisdictions, the President has initiated the amendment of primary legislation to introduce fiscal incentives for oil and gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.
“Recognizing the urgency to accelerate investments, the President has directed as follows:
(1) Introduction of fiscal incentives for non-associated gas, midstream and deepwater developments.
(2) Streamlining of contracting process to compress the contracting cycle to six months.
(3) 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.”
Ngelale revealed that the Special Adviser to the President on Energy has been instructed to keep working with the stakeholders mentioned above to make sure that these directives are implemented within a specific timeframe.
