NGA Applauds Nigeria’s Gas Investment Policies for Promoting Sustainable Energy Future.
The Nigerian Gas Association (NGA) has expressed its deep appreciation to the Federal Government for recently gazetting three crucial policy directives aimed at unlocking investments in the oil and gas sector. These directives, which cover fiscal incentives for non-associated gas, midstream, and deepwater developments, streamlined contracting processes, and local content requirements, are seen as significant steps towards transforming Nigeria’s energy landscape.
Mr. Aka Nwokedi, President of the Nigerian Gas Association, hailed these directives as transformative milestones that will revolutionize the country’s oil and gas sector, with a particular focus on gas as a key enabler of sustainable energy. He highlighted that the introduction of fiscal incentives for various developments will attract substantial investments, enhance security measures, increase production activities, promote domestic gas utilization, and improve the ease of doing business in the sector.
The streamlined contracting process, reducing the current 36-month cycle to just six months, is seen as a game-changer that will reduce bureaucratic hurdles, boost operational efficiency, and accelerate project execution. This streamlined approach is expected to optimize resource allocation and create a favorable environment for both local and international investors.
Moreover, the application of local content requirements without compromising investments or cost competitiveness reflects the government’s commitment to sustainable development and empowerment of local stakeholders. These directives are anticipated to foster inclusive growth, knowledge transfer, and skill development within the Nigerian workforce.
Mr. Nwokedi commended the Federal Government for its dedication to driving positive change and creating an enabling environment for investment in the oil and gas sector. He emphasized that these progressive policies are crucial steps towards achieving a sustainable energy future and enhancing security across Nigeria.
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The NGA reiterated its commitment to collaborating with the Federal Government and all stakeholders to realize Nigeria’s strategic energy objectives. By leveraging gas as a catalyst for economic prosperity and national development, the NGA aims to foster collaboration and progress in the oil and gas sector.
