President Tinubu Signs Executive Orders to Reform Oil and Gas Sector

By Iyojo Ameh

President Bola Tinubu has taken decisive steps to revamp Nigeria’s oil and gas sector by signing three new executive orders. The orders are geared towards reducing contracting costs, streamlining processes, and promoting local content requirements in a bid to enhance investment prospects and economic diversification.

These orders, aimed at fostering efficiency and competitiveness, were disclosed by Chief Ajuri Ngelale, the President’s spokesman, in a statement on Wednesday.

According to Ngelale, the executive orders underscore President Tinubu’s unwavering commitment to eliminate obstacles to investments in Nigeria, optimize resource utilization, and drive economic diversification for the benefit of all Nigerians.

The reforms include the introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments. Additionally, the contracting process will be streamlined to compress the cycle to six months, facilitating faster project execution. Furthermore, the application of local content requirements will be enforced without impeding investments or cost competitiveness.

These initiatives are expected to enhance Nigeria’s investment climate and position the country as the preferred destination for oil and gas investments in Africa, according to the statement.

Ngelale highlighted that these reforms were developed collaboratively with key stakeholders, including the Federal Ministries of Justice, Finance, and Petroleum, among others. The details of these policy directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.

Mrs. Olu Verhijen, the Special Adviser to the President on Energy, has been tasked with coordinating the implementation of these directives within a stipulated timeframe.