President Tinubu Signs Executive Orders on Oil and Gas Reforms

President Bola Tinubu has signed executive orders aimed at improving the investment climate and positioning Nigeria as the preferred investment destination in Africa.

The move is 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.

Recognizing the urgency to accelerate investments, the President has directed the introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments.

Additionally, the President has initiated the amendment of primary legislation to introduce fiscal incentives for oil and gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.

These directives were developed in collaboration with key stakeholders, including 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.

The Special Adviser to the President on Energy has been directed to coordinate the aforementioned stakeholders to ensure the implementation of these directives within a stipulated timeframe.

The details of these Policy Directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.

President Tinubu’s signing of these executive orders marks a significant step forward in improving the investment climate and attracting more investments to Nigeria’s oil and gas sector.

his move is expected to have a positive impact on the Nigerian economy, promoting growth and development.