On Wednesday, President Bola Tinubu took a decisive step by signing executive orders that greenlit three progressive directives within the oil and gas sector.
This move aims to usher in fiscal incentives for associated projects, streamline contracting processes, and foster cost-effectiveness in local content requirements.
A statement from the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, clarified that these directives emerged from “extensive engagements, analyses, and benchmarking with other jurisdictions.” Ngelale further explained that President Tinubu has given the nod for 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.
“The application of the local content requirements without hindering investments or the cost competitiveness.”
