President Bola Tinubu has issued policy directives to
improve the investment climate and position Nigeria as the preferred investment
destination for the oil and gas sector in Africa.
In a statement on Wednesday, Ajuri Ngelale, special adviser
to the president, media and publicity, said the issuance follows in-depth
discussions, evaluations, and benchmarking with other jurisdictions.
“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.
Recognising the urgency to accelerate investments, he said the president has directed the introduction of fiscal incentives for non-associated gas, midstream and deepwater developments.
“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.”
Ngelale said the special adviser to the president on energy has been instructed to continue coordinating the aforementioned stakeholders to guarantee the directions are carried out within the allotted period.
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