President Bola Tinubu, has told investors that the three Executive Orders on oil and gas reforms, which he signed, will make Nigeria’s petroleum sector globally competitive.
The President made the affirmation during a meeting with a delegation from ExxonMobil Upstream Company, led by its President, Liam Mallon.
He emphasised that the Federal Government is committed to resolving the divestment issues between the company and Seplat Energy, which are currently under litigation.
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.
The President has also assured the global fast-moving consumer goods company, Reckitt Benckiser, that they will continue to grow their investments in Nigeria.
Receiving a delegation from Reckitt Benckiser led by the Chief Executive Officer, Kris Licht, and Chairman of Reckitt Benckiser Nigeria Limited, Olu Falomo, the President lauded the company for its over 60 years of investment in Nigeria and commitment to the country’s development.
President Tinubu assured the investors of good returns on their investments, supported by a buoyant market and a large population.
(Editor: Terverr Tyav)
