Tinubu unveils ambitious plan to diversify economy, boost oil and gas revenue

President Bola Ahmed Tinubu on Tuesday outlined his administration’s vision to transform Nigeria’s economy, reducing its dependence on fossil fuels while maximizing revenue from the oil and gas sector.

The president spoke in a keynote address at a 2-day retreat for members of the House of Representatives at the Ladi Kwali Hall, Abuja Continental Hotel.

He emphasized the need to diversify the nation’s economy, which has long relied heavily on the oil and gas industry, and announced that his administration was working tirelessly to achieve this goal.

However, the President also stressed the importance of optimizing revenue from the oil and gas sector, which remains a critical component of the national economy. To achieve this, his administration is implementing policies to attract investment in the sector.

Recently, President Tinubu signed an executive order aimed at unlocking $10 billion in fresh investments in the oil and gas sector. This will be achieved through fiscal incentives for Non-Associated Gas (NAG), midstream, and deepwater oil and gas developments.

Last week, the Federal Government signed the Consolidated Guidelines for implementing Fiscal Incentives for the Oil & Gas Sector. These guidelines, which represent a cornerstone of the Presidential Directive, aim to enhance the Nigerian oil and gas sector’s global competitiveness while stimulating economic growth.

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“The oil and gas industry has long been the lifeblood of our national economy. My administration is working tirelessly to change this and diversify our economy from overreliance on the production of fossil fuels. However, we are also determined to maximise revenue potential from this critical industry. For this reason, we are pushing policies to attract investment in the oil and gas sector.

“Recently, I signed an executive order to unlock about $10 billion in fresh investments in the sector. This will happen through Fiscal Incentives for Non-Associated Gas (NAG), Midstream and Deepwater Oil & Gas Developments.

“Just last week, the Federal Government of Nigeria signed the Consolidated Guidelines for implementing Fiscal Incentives for the Oil & Gas Sector. The guidelines, which represent a cornerstone of the Presidential Directive, aim to enhance the Nigerian oil and gas sector’s global competitiveness while stimulating economic growth.

“The Executive Order also streamlines contracting processes, procedures, and timelines from 36 months to 6 months. The order also seeks to ensure that local content requirements are implemented without impeding investments or the cost competitiveness of oil and gas projects,” President Tinubu stated.

The Executive Order also streamlines contracting processes, procedures, and timelines from 36 months to 6 months. Additionally, it ensures that local content requirements are implemented without impeding investments or the cost competitiveness of oil and gas projects.

This ambitious plan is expected to transform Nigeria’s economy, reducing its reliance on fossil fuels while maximizing revenue from the oil and gas sector. The move is seen as a significant step towards achieving economic diversification and sustainable growth.

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