Breaking New Ground: Nigerian Gas Association Transformative Directive

Thedailycourierng

The Nigerian Gas Association (NGA) has commended the Federal Government for unveiling three pivotal policy directives that are set to catalyze a revolution in the country’s oil and gas sector. These directives encompass a comprehensive strategy aimed at unlocking investments and driving sustainable growth within the industry.

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The first directive introduces fiscal incentives for non-associated gas, midstream, and deepwater developments. By providing these incentives, the government aims to attract substantial investments, bolster security measures, boost production activities, enhance domestic gas utilization, and improve the ease of doing business within the sector.

Secondly, the government has streamlined the contracting process, reducing the current 36-month contracting cycle to just six months. This game-changing move is poised to eliminate bureaucratic bottlenecks and enhance operational efficiency across the sector, fostering a conducive environment for both local and international investors.

The third directive focuses on applying local content requirements without hindering investments or compromising cost competitiveness. This strategic approach underscores the government’s commitment to fostering sustainable development and empowering local stakeholders while maintaining a balance between local content obligations and investment incentives.

Aka Nwokedi, the President of the Nigerian Gas Association, hailed these directives as transformative milestones that will revolutionize Nigeria’s oil and gas sector energy landscape, with gas serving as a critical enabler. He emphasized that the introduction of fiscal incentives for non-associated gas, midstream, and deepwater developments will drive substantial investments, enhance security measures, escalate production rates, amplify domestic gas utilization, and refine the ease of doing business within the sector.

Furthermore, Nwokedi commended the streamlined contracting process, stating that it will catalyze project execution, optimize resource allocation, and foster a conducive environment for investors. He also praised the government’s commitment to applying local content requirements without compromising investments or cost competitiveness, noting that this approach will pave the way for inclusive growth, knowledge transfer, and skill development within the Nigerian workforce.

The NGA President reiterated the association’s unwavering commitment to collaborating with the Federal Government to actualize the nation’s strategic energy objectives, with a focus on leveraging gas as a pivotal enabler of economic prosperity and national development.

These progressive policy directives mark a significant leap forward in Nigeria’s collective journey towards a sustainable energy future and bolstering security across the country. The NGA’s endorsement underscores the industry’s confidence in the government’s efforts to create an enabling environment for investments and foster sustainable growth within the oil and gas sector.

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