WIEN Applauds President Tinubu’s Oil and Gas Companies Order 2024
The Women in Energy Network (WIEN), a prominent gender equity advocacy group in Nigeria, has lauded the recent Oil and Gas Companies Order 2024 issued by President Bola Ahmed Tinubu. The executive order, which focuses on tax incentives, exemptions, and remissions, specifically targets the development, production, processing, and consumption of non-associated gas (NAG) within the country’s petroleum sector.
Mrs. Eyono Fatayi-Williams, the President of WIEN, expressed enthusiasm in a public statement regarding the executive order’s potential to unlock crucial investments in oilfield development across Nigeria. She highlighted the significance of the incentives outlined in the order, emphasizing their role in stimulating investments in gas development and production within the nation’s petroleum industry.
The order introduces fiscal and commercial incentives that have not been seen in the industry for the past two decades, providing a positive impetus for commercial players. WIEN anticipates that these incentives will encourage investments in Nigeria’s discovered gas fields, ultimately leading to increased development and production activities.
Mrs. Fatayi-Williams underscored the importance of the incentives, including 10-year tax credits and allowances, which she believes will act as strong catalysts for gas-driven industrial growth. She emphasized that the development of non-associated gas (NAG) will align with Nigeria’s economic goals in the gas sector, supporting initiatives such as the autogas policy, LPG penetration program, national gas expansion program, and gas-to-power program.
WIEN sees the Executive Order as not only beneficial for upstream petroleum investments but also as a facilitator for improved business operations in the oil and gas sector. The incentives provided are expected to create a favorable investment environment, promoting the inflow of capital into the industry and enhancing the ease of doing business.
Encouraged by the investment incentives, WIEN encourages its members to capitalize on the opportunities presented by the tax credits and allowances. Mrs. Fatayi-Williams urged WIEN members to actively engage in the unfolding reforms in the energy sector, leveraging their expertise and contributing to the realization of industry goals.
The Executive Order marks a significant step towards revitalizing Nigeria’s petroleum industry, and WIEN remains optimistic about the positive impact it will have on energy development and economic growth in the country.
This news release is sourced from WIEN.
