President Bola Tinubu has introduced five executive orders with the goal of attracting $2.5 billion in investments. These measures are designed to offer incentives to encourage investments in Nigerias oil and gas industry.
This move comes in conjunction with the Federal Governments announcement of the $550 million Ubeta gas project which is projected to produce 350 million standard cubic feet of gas daily once it becomes fully operational.
In June a ceremony held in Abuja marked the signing of the $550 million Final Investment Decision between NNPC Ltd and TotalEnergies for the development of the Ubeta Field Project. The Ubeta field located northwest of Port Harcourt in Rivers State was discovered in 1964.
The five executive orders issued by Tinubu aim to streamline the process and reduce costs associated with finalizing and executing contracts for gas infrastructure development and expansion.
Olu Verheijen, the Presidents Special Adviser on Energy stated in Washington D.C. that "these directives seek to unlock up to $2.5 billion in new investments in the countrys oil and gas sector."
On Tuesday Morenike Adewunmi the Stakeholder Manager in the Office of the Special Adviser to the President on Energy made this statement.
Verheijen also highlighted the significance of the relationship with the U.S. She pointed out that the purpose of this initial dialogue is to address the energy access gap for almost 100 million Nigerians who lack reliable power.
She further stated "We want partners both existing and potential to better understand our priorities so that collaboration can be more focused and yield meaningful results."
In line with these reform initiatives President Tinubu's executive orders aim to offer incentives for investments and streamline the process of finalizing and implementing contracts for the development and expansion of gas infrastructure.
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