President Bola Tinubu says that the three Executive Orders on oil and gas reforms, which he signed, will make Nigeria’s petroleum sector globally competitive.
The president also said Nigeria was going through a lot of reforms and that the nation was pushing for closure on divestment issues.
In a statement on Tuesday by his Special Adviser on Media and Publicity, Ajuri Ngelale, the President made this affirmation during a meeting with a delegation from ExxonMobil Upstream Company, led by its President, Liam Mallon.
President Tinubu signed new executive orders designed to improve the investment climate and position Nigeria as the premier destination for oil and gas investments in Africa.
The three Executive Orders, which became effective from February 28, 2024, are: Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024; Presidential Directive on Local Content Compliance Requirements, 2024; and the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines
He emphasized that these reforms will ensure that no oil company encounters unnecessary challenges in the country.
The statement read “President Tinubu also assured the ExxonMobil delegation that the Federal Government is committed to resolving the divestment issues between the company and Seplat Energy, which are currently under litigation.
“We have been pushing for closure on divestment issues, and I believe the other party, Seplat, is open to this.
“The President commended the company for its show of commitment to environmental protection in Nigeria, noting its efforts in reducing gas flaring in the country.”
“Nigeria is going through a lot of reforms, and we have been navigating the leadership quarters carefully to ensure that we achieve a win-win situation for all parties and attract more investments,” President Tinubu said.
According to the statement, the President praised ExxonMobil as a valuable partner in Nigeria’s development over the decades and encouraged the company to continue its commitment to supporting the success of his administration.
