Tinubu is Creating Pathways for Businesses to Flourish – Minister

The Minister of Information and National Orientation, Mohammed Idris, has said the vision of President Tinubu is to create an enabling environment where businesses can thrive through streamlining regulations, investment incentives, provision of infrastructure, and robust policies aimed at fostering economic stability and prosperity.

The Minister stated this in Kano on Friday at a town hall meeting with the Business Community at the Bristol Hotel.

“As part of the Ease of Doing Business, the Corporate Affairs Commission (CAC) has been mandated to operate a 24-hour online registration timeline for new businesses.

“To ensure that Nigeria retains more foreign exchange from its exports, the Export Permit application process is being revised and automated. Intending exporters will now have to show genuine proof of formal repatriation of export proceeds before new export licenses and permits are granted,” he said.

Idris said the reconstituted Presidential Enabling Business Environment Council (PEBEC), is working closely with State Governments to eliminate the bottlenecks businesses face in Nigeria.

The Minister said the new Executive Order signed by the President will unlock the huge potential of the nation’s oil and gas industry by bringing down operating costs for oil and gas operations in Nigeria, which currently stands at 40% – higher than the global average and compressing oil and gas contracting cycle from 38 months to 6 months.

“It will generate a billion cubic feet per day additional gas supply, create 2.3 million jobs, and boost GDP by $17 Billion. The new tax incentives being implemented have the potential to attract up to $10 Billion in new oil and gas investment,” he said.

He said through enhanced security measures across the Niger Delta Region, the country’s NLNG cargoes have increased from an average of 16 cargoes in 2023 to 21 cargoes in the first quarter of 2024, while crude 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.