• Friday, May 24, 2024
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FG targets $17bn GDP, 2.3m jobs in oil, gas sector

FG targets $17bn GDP, 2.3m jobs in oil, gas sector

The Federal Government says the implementation of President Bola Tinubu’s new oil and gas policies is projected to create 2.3 million jobs and increase GDP by $17 billion.

These policies, issued on March 6, aim to shorten the contracting cycle from 38 months to under six months.

Also, new tax incentives contained in the policy are expected to attract up to $10 billion in fresh investments in the oil and gas sector.

Mohammed Idris, minister of information and national orientation, speaking with newsmen in Kano on Wednesday, explained that the new oil and gas policy reforms would generate a billion cubic feet per day of additional gas supply when implemented.

Read also: FG to decide on $25bn Nigeria Morocco Gas Pipeline Project December

The minister further disclosed that the policy directive would bring down operating costs for oil and gas which are currently 40 percent higher than the global average.

The minister also said that progress has been made in addressing security concerns in the Niger Delta region. He cited a substantial increase in NLNG cargoes from an average of 16 cargoes in 2023 to 21 cargoes in the first quarter of 2024.

The minister also said Nigeria’s oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.6 million barrels per day in the first quarter of 2024.

He called on Nigerians to have faith in the administration of President Tinubu as it makes efforts to address the challenges confronting the nation.