PRESIDENTIAL DIRECTIVES IN THE OIL AND GAS SECTOR 2024

On February 28, 2024, the President of the Federal Republic of Nigeria issued three directives targeting the oil and gas sector, to streamline operations, enhance local participation, and encourage investment in the sector.

These directives include the Presidential Directive on Reduction of Petroleum Sector Contracting Cost and Timeline, 2024; Presidential Directive on Local Content Compliance Requirement, 2024; Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc) Order, 2024.

We have carefully examined each directive to provide a clear understanding of their implications and the changes they are expected to bring. This analysis seeks to dissect the objectives, strategies, and potential outcomes of these presidential directives.