Tinubu Gives Fresh Directive to Position Nigeria as Investment Destination for Africa’s Energy Sector
President Bola Tinubu has given fresh directives to improve the investment climate and position Nigeria as the prime investment destination for investment in Africa’s energy sector.
in a release issued by presidential spokesperson, Ajuri Ngelale, the latest 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.
Following extensive engagements, analyses, and benchmarking with other jurisdictions, the President has, therefore, 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 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, the Nigerian National Petroleum Company Limited.
others are the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Commission, and the Nigerian Content Development and Monitoring Board.
The anticipated impact of these investments extends beyond energy security. The projects are expected to relaunch economic activity and job creation in the sector, as well as stimulate activity in ancillary SMEs within local communities.
The Special Adviser to the President on Energy has been directed to continue coordinating the aforementioned stakeholders to ensure the implementation of these directives within a stipulated timeframe.
