The executive orders include the introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments. The contracting process will also be streamlined to reduce the cycle to six months, promoting efficiency.

In addition, the orders emphasize the application of local content requirements without impeding investments or cost competitiveness. This will help Nigeria become the preferred investment destination for the oil and gas sector in Africa, as President Tinubu aims to remove obstacles to investment, utilise the nation’s resources, and diversify the economy for the benefit of all Nigerians.

Following thorough engagement, analysis, and benchmarking with other jurisdictions, the President has initiated the amendment of primary legislation to introduce fiscal incentives for oil and gas projects. These measures aim to reduce contracting costs, shorten timelines, and promote cost efficiency in meeting local content requirements.

The specifics of these policy directives will be officially published and communicated by the Federal Ministry of Information and National Orientation. The development of these incentives involved 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, Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Commission, and Nigerian Content Development and Monitoring Board.

The Special Adviser to the President on Energy has been tasked with coordinating these stakeholders to ensure the timely implementation of these directives.

President Tinubu’s executive orders signify a significant move towards enhancing Nigeria’s oil and gas industry. By streamlining processes, providing incentives, and promoting local content, the aim is to attract more investments, boost economic growth, and create opportunities for Nigerians in the sector.