By virtue of the powers conferred by the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and other applicable laws, the President of the Federal Republic of Nigeria and Minister of Petroleum Resources, Bola Ahmed Tinubu (the “President”), on 6 March 2024, issued an Executive Order and two Policy Directives (the “Directives”) that are aimed at accelerating and supporting investments in Nigeria’s oil and gas sector. The Order and Directives are timely intervention measures given the significant challenges that the country faces in attracting investments in the oil and gas sector.
As stated in the press release by the State House, the Order and Directives issued by the President are to achieve the following objectives:
- the introduction of fiscal incentives for non-associated gas, midstream and deep-water developments;
- streamlining of the contracting process to compress the contracting cycle to 6 months; and
- the application of local content requirements without hindering investments or cost competitiveness.
This Note provides an overview of the President’s Order and Directives and highlights aspects that we believe are of importance to operators and potential investors in the Nigerian petroleum sector.
Read the Note here.