TheLink News reports that President Bola Tinubu has introduced new policies to optimize the investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa. Specifically, 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.
According to a statement yesterday, by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, the latest move was in keeping with the President’s dedicated efforts to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians. It noted that recognizing the urgency to accelerate investments, the President directed the introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments; Streamlining of the contracting process to compress the contracting cycle to six months and 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. The Special Adviser to the President on Energy has been directed to continue coordinating the aforementioned stakeholders to ensure the implementation of these directives within a stipulated timeframe,” the statement reads.
