LAGOS,Nigeria (VOICE OF NAIJA) –The Women in Energy Network (WIEN) has hailed President Bola Tinubu’s recent signing of the Oil and Gas Companies Executive Order 2024, asserting its potential to transform the sector and drive significant growth in the nation’s economy.
The Executive Order introduces a range of incentives, including a 10-year tax credits and allowances exemption, aimed at stimulating development, production, processing, and consumption of non-associated gas (NAG) within the petroleum industry.
WIEN’s President, Mrs. Eyono Fatayi-Williams, expressed her appreciation for the Executive Order, highlighting its alignment with the longstanding need for incentives to unlock oilfield development investments in Nigeria’s petroleum sector.
She emphasized that these incentives would catalyze a comprehensive chain of activities in the petroleum industry, facilitating the commercialization of the country’s abundant natural gas resources and ensuring sufficient supply for commercial, industrial, and domestic applications.
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“President Tinubu’s Executive Order will trigger a full chain activity in the petroleum industry, commercialize the nation’s huge natural gas resources and guarantee supply sufficiency for commercial, industrial and domestic application of fuel gas in the economy,” remarked Mrs. Fatayi-Williams.
Furthermore, Mrs. Fatayi-Williams underscored the importance of unlocking the development of non-associated gas (NAG) in Nigeria, as it would support various economic aspirations for the gas industry, including the autogas policy, LPG penetration programme, national gas expansion programme, and gas-to-power programme.
She emphasized that the Executive Order would not only encourage much-needed investments in the upstream petroleum industry but also improve the ease of doing business by creating a favorable fiscal environment for investment inflows.
Encouraging WIEN members to leverage the provided tax credits and allowances, Mrs. Fatayi-Williams urged them to seize the opportunity to contribute their full potential to realizing the objectives of the unfolding energy sector reforms.
She emphasized that these incentives would stimulate activity across the entire value chain in the industry, emphasizing the transformative potential of natural gas as a reliable industrial fuel and a cleaner domestic fuel.