Tinubu signs Executive Orders to Offer Incentives for Oil, Gas Projects
According to Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, these directives stem from extensive discussions, evaluations, and comparisons with other jurisdictions. Ngelale highlighted that the President’s initiatives aim to introduce fiscal incentives, reduce contracting costs and timelines, and promote cost efficiency in local content requirements within the oil and gas sector.
In response to the urgent need to attract investments, the President has specifically directed the introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments. Additionally, there will be a streamlining of the contracting process to compress the cycle to six months, while ensuring that local content requirements do not impede investments or cost competitiveness.
Ngelale further mentioned that the details of these policy directives will be officially gazetted and communicated by the Federal Ministry of Information and National Orientation.
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These incentives were crafted in collaboration with various key stakeholders, including ministries such as Justice, Finance, and Petroleum, as well as regulatory bodies like the Nigerian National Petroleum Company Limited and the Nigerian Content Development and Monitoring Board.
He added that the Special Adviser to the President on Energy has been tasked with continuing to coordinate these stakeholders to ensure the effective implementation of the directives within the stipulated timeframe.
