The President’s Special Adviser on Media and Publicity, Ajiri Ngelale said in a statement on Wednesday that extensive engagement, analyses, and benchmarking with other jurisdictions.
President Bola Ahmed Tinubu has given policy directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa.
He initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas project, promote cost efficiency in local content requirement and reduce contracting cost and timelines.
The President 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 and the application of the local content requirements without hindering investments or the cost competitiveness.
The executive orders were pushed to remove obstacles to investments in Nigeria, harness the nation’s resources and diversify the economy for the benefit of all Nigerians.
“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.
“Other are 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,” the statement added.