The Nigerian Content Development and Monitoring Board (NCDMB) says the country lost over $380 billion before the enactment of the Nigerian Oil and Gas Industry Content Development Act in 2010.
Simbi Wabote, executive secretary, NCDMB, spoke at a sensitisation workshop for the Rivers state judiciary in Port Harcourt on Thursday.
Wabote, who spoke virtually, explained that local content was not about nationalisation of foreign firms, but about domiciliation and domestication for local value addition.“Despite Nigeria’s enviable hydrocarbon and human resources, it is disheartening to note that only a small, insignificant proportion of the oil and gas industry value was retained in the country,” he said.
“This resulted in over two million job losses, as most jobs were also executed by foreigners. Furthermore, less than 5 percent of Nigeria’s yearly oil and gas industry spending was retained in the country.”He added that local content needs foreigners and foreign direct investments to thrive.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dele Farotimi: Tinubu won't appoint ministers that will change Nigeria | TheCableDele Farotimi, a legal expert and political commentator, says President Bola Tinubu does not have the will to appoint ministers that can change Nigeria's fortune.
Read more »
DFIs must initiate creative ideas to bridge financial gaps in Nigeria, says BoI MD | TheCableKayode Pitan, managing director of the Bank of Industry (BoI), says creative approaches and collaborative efforts must be initiated to drive transformative changes that Nigeria needs.
Read more »
Rida obtains licence to officially operate in Lagos, Nigeria’s biggest city | TheCableRida, the set-your-price ride-hailing service, has received its official licence to operate in the vibrant city of Lagos. In what is set to change the transportation landscape in Lagos, the
Read more »
ICT firm: Why FG should regulate use of artificial intelligence in Nigeria | TheCableInq. Group, an information communication technology (ICT) firm, says it is important for the government to regulate the artificial intelligence (AI) sector in Nigeria as the adoption of the technology continues to spread across Africa.
Read more »
Kamala Harris speaks with Tinubu, assures US support in strengthening Nigeria's economy | TheCableKamala Harris, United States vice-president, has says President Bola Tinubu’s economic policies will reform Nigeria.
Read more »
Male rape: A medical perspective | The Guardian Nigeria News - Nigeria and World NewsIs the definition of rape gender neutral? Over the years, it has been noticed that most definitions of rape did not consider the males. Here are some definitions that are encompassing.
Read more »