Tinubu signs decrees to reorganize the oil and gas sector

HAS revitalize Nigeria oil And gas sector, President Bolas Tinubu on Wednesday sign executive orders aiming has attract investments, optimization resources, And to diversify THE the nation economy.

Nigeria, as Africa the biggest oil producer, has long research has leverage It is vast oil And gas resources For economic development. However, challenges such as bureaucratic bottlenecks, procurement delays, And weak local participation to have embarrassed THE of the sector complete potential.

According to has A statement by Special Advise on Media And Advertisement has THE president, Ajuri Ngelale, THE policy directive were made After extensive consultations And comparative analysis with global best practices, And are designed has improve THE investment climate, positioning Nigeria as THE high choice For oil And gas investments In Africa.

"Following extensive commitments, analyzes, And comparative analysis with other jurisdictions, THE President has initiated THE amendment of primary legislation has introduce tax incentives For oil & gas projects, reduce procurement costs And time limit, And promote cost efficiency In local content requirements. Recognize THE emergency has accelerate investments”, THE statement said.

THE order will include THE introduction of incentives has stimulate not associated gas projects, half-way developments, And deep water businesses.

He will mandate A reduction of THE procurement ride a bike has accelerate project time limit, NOW together has A fast six month.

He will Also ensure THE application of local content requirements has improve local participation without compromising investment attractiveness.

M Ngelale said THE policy reforms were made In collaboration with key ministries And agencies such as THE Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Oil, Federal Ministry of Budget And Economic Planning, Federal Interior Income Service, THE Nigerian National Oil Business Limit, THE Nigerian Upstream Oil Regulatory Commission, THE Nigerian Mid-sector And Downstream Oil Regulatory Commission, And THE Nigerian Content Development And Monitoring Tip.

THE reform East target has accelerate Nigeria economic growth And increase It is competitiveness In THE global oil And gas market.

He said THE details of these executive orders will be officially announcement by THE Federal Ministry of Information And National Orientation, marking A significant stage towards A more dynamic And effective oil And gas sector In Nigeria.

He said THE special advise has THE president on energy will oversee THE Implementation of these guidelines, further emphasizing THE administration commitment has conduct sustainable growth And development In THE energy industry.

Support PRIME TIMES' journalism of integrity And credibility GOOD journalism costs A plot of money. Again only GOOD journalism can ensure THE possibility of A GOOD Company, A indebted democracy, And A transparent government. For continued free to access has THE best investigator journalism In THE country We ask You has consider manufacturing A modest support has This noble effort. By contributing has PRIME TIMES, You are portion has sustain A journalism of relevance And ensure he remains free And available has everything. Make a donation [embedded content]

TEXT ANNOUNCEMENT: