President Bola Tinubu has enacted five new executive orders targeted at attracting $2.5 billion in investments. These directives are designed to offer fiscal incentives to enhance investment in Nigeria’s oil and gas industry.
This announcement coincides with the Federal Government’s launch of the $550 million Ubeta gas project, which is expected to produce 350 million standard cubic feet of gas daily once it becomes operational.
In June of this year, a signing ceremony was held in Abuja to mark the $550 million Final Investment Decision between NNPC Ltd and TotalEnergies regarding the development of the Ubeta Field Project. Discovered in 1964, the Ubeta field is situated northwest of Port Harcourt in Rivers State.
The five Executive Orders issued by Tinubu are anticipated to lower both the expenses and duration associated with finalizing and implementing contracts aimed at developing and expanding gas infrastructure.
The Special Adviser to the President on Energy, Olu Verheijen, announced in Washington DC that the “The directives aim to immediately unlock up to $2.5bn in new oil and gas investments in the country,” This information was shared in a statement released on Tuesday by Morenike Adewunmi, the Stakeholder Manager in the Office of the Special Adviser to the President on Energy.
She said, “I cannot overstate the importance of our longstanding relationship with the US and this inaugural dialogue. The goal of this dialogue is for us to jointly proffer solutions that will close the energy access gap for close to 100 million Nigerians who still lack reliable power.
“We want existing and potential partners to better understand our areas of priority so that our collaboration can be better targeted, and with tangible outcomes.”
“To support the reform efforts, President Bola Tinubu has issued five new executive orders aimed at providing fiscal incentives for investment and reducing the cost and time of finalising and implementing contracts to develop and expand gas infrastructure.”
