Women Applaud Tinubu On Oil, Gas Companies Executive Order 2024

Foremost gender equity advocacy group in Nigeria, the Women in Energy Network (WIEN), has expressed positivity towards the Oil and Gas Companies Executive Order 2024 signed by President Bola Ahmed Tinubu.

The Executive Order relates to tax incentives exemption, remission and other incentives for development, production, processing and consumption of non-associated gas (NAG) in the country.

According to a statement, the President of the group, Mrs.Eyono Fatayi-Williams, noted that the new executive order comes with the long required incentives for unlocking oilfield development investments in the nation’s petroleum sector.

She said, “The order which also provides fiscal and commercial incentives for investments in midstream petroleum industry would be the first set of spurs on commercial players in the industry in the last 20 years. And with the incentives hosted in the executive order, it is expected that some of the Nigeria’s discovered gas fields would now begin to see development and production investments.

“The incentives provided by Mr President will trigger a full chain activity in the petroleum industry, commercialise the nation’s huge natural gas resources and guarantee supply sufficiency for commercial, industrial and domestic application of fuel gas in the economy."

She further stressed that the incentives, which include 10-year tax credits and allowances have made the executive order one of the strongest propellers of gas driven industrial catalysts in the economy.

WIEN said the Executive Order would not only enable much-needed investments in the upstream petroleum industry but also improve ease of doing business by providing fiscally congenial space for inflow of investment capital into the nation’s oil and gas sector.