President Bola Tinubu has signed an executive order to improve the investment climate and position of Nigeria as the preferred investment destination for the oil and gas sector in Africa.

His media aide, Ajuri Ngelale, disclosed in a statement that this is in keeping with the President’s commitment to remove obstacles to investments in Nigeria, harness the nation’s resources, and diversify the economy for the benefit of all Nigerians.

The order, Ngelale said, followed the President’s initiation of amendments of primary legislation to introduce fiscal incentives for oil and gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.

He said that Tinubu, also directed the streamlining of the contracting process to compress the contracting cycle to six months and the application of the local content requirements without hindering investments or the cost competitiveness.