Tinubu Enacts Executive Order for Overhaul of Oil and Gas Sector
President Bola Tinubu has taken decisive action to reform primary legislation, introducing fiscal incentives to stimulate oil and gas projects, streamline contracting processes, and bolster local content efficiency. This move aims to catalyze investment, reduce costs, and enhance Nigeria’s position as a premier destination for oil and gas industry ventures in Africa.
In a statement released by Special Adviser on Media and Publicity, Ajuri Ngelale, the President reaffirmed his commitment to fostering a conducive investment environment, leveraging the nation’s resources, and fostering economic diversification for the benefit of all Nigerians. To achieve these objectives, Tinubu has issued Policy Directives aimed at improving the investment climate and positioning Nigeria as a leader in the African oil and gas landscape.
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Key directives include the introduction of fiscal incentives for non-associated gas, midstream, and deepwater projects, alongside measures to streamline contracting processes, reducing the cycle to six months while ensuring the seamless integration of local content requirements without compromising investment or cost competitiveness.
The specifics of these directives will be formalized and disseminated by the Federal Ministry of Information and National Orientation through gazetted publications. These incentives were developed collaboratively with key stakeholders including the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum, Federal Ministry of Budget and Economic Planning, Federal Inland Revenue Service, Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Commission, and the Nigerian Content Development and Monitoring Board.
The President has instructed the Special Adviser on Energy to oversee the coordination of these stakeholders to ensure timely implementation of these directives. This proactive approach underscores Tinubu’s commitment to driving significant reforms in Nigeria’s oil and gas sector.
