FG Targets 70% Nigerian Content in Oil Industry by 2027
The federal government has set a target to achieve 70 per cent Nigerian content in the oil and gas industry in the next seven years, the Minister of State, Petroleum Resources, Mr Timipre Sylva, said Tuesday.
“In the midst of so much uncertainty around Covid-19 pandemic and instability in the world oil markets, we must look inwards to explore all the opportunities to further diversify and insulate our economy from external shocks. As part of deepening local content in the sector, the government noted that it had also carried out the establishment of two world-class pipe mills and five pipe coating yards.
According to him, the country has also grown a large number of successful indigenous operators which now account for more than 15 per cent of its oil production and 60 per cent of domestic gas production.
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