Financial Energy Review
The Nigerian Gas Association (NGA),has commended the Federal Government for the recent gazetting of three pivotal policy directives, heralding a monumental leap towards unlocking investments in the oil and gas sector.
These directives encompass multifaceted strategies, including introducing fiscal incentives for non-associated gas, midstream, and deepwater developments, streamlining the contracting process to compress the contracting cycle to six months, and applying local content requirements without hindering investments or cost competitiveness.
Mr. Aka Nwokedi, President of the Nigerian Gas Association,in a statement on Friday,lauded these directives as transformative milestones poised to revolutionise Nigeria’s oil and gas sector energy landscape, with gas as a critical enabler.
He emphasised that the strategic introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments is poised to attract substantial investments, bolster security measures, escalate production rates activities, amplify domestic gas utilisation, and refine the ease of doing business within the sector.
Besides,streamlining the contracting process to expedite the current 36-month contracting cycle to just six months is hailed as a game-changer. This would significantly reduce bureaucratic bottlenecks and enhance operational efficiency across the sector. This streamlined approach will catalyse project execution, optimise resource allocation, and foster a conducive environment for local and international investors.
Moreover, applying local content requirements without compromising investments or cost competitiveness underscores the government’s commitment to fostering sustainable development and empowering local stakeholders. These directives could pave the way for inclusive growth, knowledge transfer, and skill development within the Nigerian workforce by balancing local content obligations and investment incentives.
“We commend the Federal Government for its unwavering commitment to driving positive change and fostering a conducive environment for investment in the oil and gas sector,” stated Mr. Nwokedi. “These progressive policy directives mark a significant leap forward in our collective journey towards a sustainable energy future and bolstering security across Nigeria.”
Mr. Nwokedi reiterated the NGA’s steadfast commitment to collaborating with the Federal Government to actualise the nation’s strategic energy objectives, focusing on leveraging gas as a pivotal enabler of economic prosperity and national development.
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The Nigerian Gas Association reaffirms its dedication to fostering collaboration with all stakeholders, including government agencies, industry players, and civil society organisations, to propel progress and prosperity in the oil and gas sector.
