FG Signs Executive Order To Unlock $10bn Investment.

President Bola Tinubu says he has signed an Executive Order to unlock up to $10bn fresh investments in the nation’s oil and gas sector.

Speaking at the opening of a two-day retreat on economic transformation and development organized by the House of Representatives, the President said, the development will come through fiscal incentives for non-associated gas, midstream and deep-water oil and gas.

Represented by his Chief of Staff, Femi Gbajabiamila, Tinubu also disclosed that a week ago, the Federal Government signed the consolidated guidelines for implementing fiscal incentives for the oil and gas sector, adding that, the Executive Order streamlines contracting processes, procedures, and timelines from 36 months to six months, while, the order also seeks to ensure that local content requirements are implemented without impeding investments or the cost competitiveness of oil and gas projects”.

He also said, many reforms are being implemented to reposition the country’s tax administration to reduce government interference with the commercial imperatives of businesses in the country so that businesses based here can be competitive and focus on their core objectives of economic growth through innovation and trade, adding that it will need the support of the National Assembly to fully implement some of these reforms, as statutory changes will be required in some areas.

He commended the legislature for working in harmony with the executive arm in championing policies meant to enhance the welfare of Nigerians.