SHETTIMA SAYS NIGERIA NOW AWARDS OIL BLOCKS TRANSPARENTLY

Vice President Kashim Shettima has said Nigeria’s oil blocks are now being awarded through open and competitive processes as part of reforms aimed at improving transparency in the upstream petroleum sector.

Shettima made the statement while representing President Bola Tinubu at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission in Abuja.

He cited the experience of a friend who, according to him, secured an upstream asset without political connections as evidence of the changes introduced under the current regulatory framework.

The Vice President said the Federal Government remained committed to making Nigeria an attractive destination for long-term oil and gas investment.

He said the Petroleum Industry Act had created clearer rules for investors and provided a more predictable framework for petroleum operations.

Shettima also said the reforms had contributed to improved investor confidence and more stable oil production, while security agencies, host communities and regulators continued efforts to address theft and vandalism.

He urged the NUPRC to maintain transparency, provide predictable timelines and reduce regulatory conflicts.

Shettima also highlighted incentives for deep offshore projects, including a 2026 tax remission order that the government expects could unlock up to $50bn in new investment.

He said companies benefiting from government incentives would still be expected to meet their commitments on work programmes, local content, environmental protection and host communities.