The Federal Government of Nigeria has projected the creation of 2.3 million jobs and a $17 billion boost to the nation’s GDP once President Bola Tinubu’s new oil and gas policies are implemented.
These policies, unveiled on March 6, aim to revolutionize the oil and gas sector, streamlining processes and attracting significant investments.
Mohammed Idris, the Minister of Information and National Orientation, disclosed these projections while addressing journalists in Kano.
He highlighted that the primary objectives of Tinubu’s oil and gas reforms include shortening the contracting cycle from 38 months to under six months, as well as introducing new tax incentives to attract up to $10 billion in fresh investments.
One of the key outcomes expected from the implementation of these policies is the generation of an additional billion cubic feet per day of gas supply, which is poised to have a transformative impact on the energy landscape of Nigeria.
Minister Idris further emphasized that the policy directives would contribute to reducing operating costs in the oil and gas sector, which currently stand 40 percent higher than the global average.
Also, he noted significant progress in addressing security concerns in the Niger Delta region, citing an increase in NLNG cargoes and a rise in oil production.
The Federal Government’s optimism surrounding Tinubu’s oil and gas policies underscores a concerted effort to revitalize the sector, spur economic growth, and provide millions of job opportunities for Nigerians.
As the administration moves forward with its plans, it calls upon citizens to trust in the leadership of President Tinubu as it navigates the challenges facing the nation.
