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 yesterday.
Others are: Mr. Olorundare Thomas, National Insurance Commission and Mr. Nicolas Odinuwe, representing the Petroleum Technology Association of Nigeria . “I want this goal to be achieved so that we are able to domesticate petroleum refining, domicile manufacturing of industry requirements, extract value from gas, and position Nigerian operators and service providers at the fore-front of play in the upstream, midstream, and downstream sectors of the industry,” he said.
“Before 2010, only three per cent of marine vessels were Nigerian-owned; today, Nigerians control and own over 40 per cent of vessels that are used in the oil and gas industry. 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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