Tinubu assures “policy consistency” to oil and gas investors

Nigeria’s President Bola Ahmed Tinubu assured investors in Nigeria’s Oil and Gas space that he will continue the oil reforms of the past administrations.

Tinubu disclosed this on Monday while receiving the delegation of the Shell Petroleum Development Company (SPDC) led by the Global Upstream Director, Ms Zoe Yujnovic at the State House, Abuja. He promised “policy consistency, urging that Nigeria is ready and open for Business.

Policy Consistency

Speaking with the delegation from Shell Plc, the President assured the business community of the government’s commitment to policy consistency and a better business climate to attract investment.

The report from the Presidency stated that Tinubu welcomed the SPDC’s offer for more investments in the Nigerian oil and gas sector, adding that such investments are needed now to enable the government to meet its obligations, citing his promises for fresh investments in Nigeria’s oil and gas space, calling it: “A promise I made personally to Nigerians. Whatever it takes, I will fulfil that promise to Nigerians. We are open for business. We are serious. I assure you of consistency in policy,”

Bottlenecks

President Tinubu also assured that his administration is committed to removing all forms of bottlenecks to ensure Nigeria becomes an attractive investment destination, urging Oil and gas investors of his administration’s willingness to maintain an open-door policy and address their concerns.

Shell’s Global Upstream Director, Ms Zoe Yujnovic applauded what she described as an “incredibly strong start” of the Tinubu presidency and expressed optimism on the steps taken by the government would renew Nigeria’s pride of place as an investment destination.

She noted that Nigeria remains key to the company’s long-term goal, citing that SPDC plans to ramp up investment in the country, especially in the areas of gas and deep-water assets by pumping in billions of dollars.

Oil and Gas incentives

Recall Nairametrics reported last week that Seplat Energy Plc says it is optimistic about Nigeria’s new President, Bola Ahmed Tinubu, taking a different approach to the transaction compared to his predecessor, Muhammadu Buhari.

Seplat Acquired oil and gas assets from Exxon Mobil Corporation but has faced delays lasting over a year after Nigeria’s ex-President, Buhari had initially approved the deal but later reversed his decision.

CEO, Roger Brown said: “We are still interested in the assets. We still like the company we’re buying. We think it’s a game-changing operation.”