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According to a statement signed by Ajuri Ngelale on Wednesday, the President’s Special Adviser on Media and Publicity, the Order is expected to eliminate bottlenecks and promote more investment in the sector.
The statement said: “Following extensive engagements, analyses, and benchmarking with other jurisdictions, the President has initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.
“Recognizing the urgency to accelerate investments, the President has directed as follows, Introduction of fiscal incentives for non-associated gas, midstream and deepwater developments, streamlining of contracting process to compress the contracting cycle to six months and the application of the local content requirements without hindering investments or the cost competitiveness.
“The details of these Policy Directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.
“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 time frame.”
