President Bola Tinubu has signed five executive orders to encourage investment in Nigeria’s oil and gas sector. These orders are designed to reduce the cost and time required for finalizing contracts related to gas infrastructure development.
The initiative is expected to attract up to $2.5 billion in new investments, according to Special Adviser on Energy, Olu Verheijen.
This announcement follows the launch of the $550 million Ubeta gas project, which will deliver 350 million standard cubic feet of gas per day when operational.
The executive orders come alongside broader energy reforms aimed at improving Nigeria’s energy security and fostering partnerships with key international stakeholders, such as the United States.
At the recent US-Nigeria Strategic Energy Dialogue, Verheijen highlighted Nigeria’s ongoing reforms, including efforts to improve the gas-to-power value chain and promote cleaner energy solutions.
The dialogue also led to the launch of the Clean Energy Alliance of Nigeria, a US-backed initiative to mobilize clean energy investments in the country.
Verheijen emphasized the importance of Nigeria’s relationship with the US in achieving its energy goals, including expanding electricity access to 100 million Nigerians and meeting climate action targets.
The dialogue signifies deepened bilateral cooperation aimed at advancing shared objectives in energy security, economic growth, and decarbonization.