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Tuesday, September 27, 2022

Nigeria’s involvement in the oil sector increased from 3% to 43% in the past decade.

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Over the last decade, local content in Nigeria’s oil and gas sector has gone from 3% to 43%.

The minister went on to explain that the federal government has put proper policies in place to ensure that at least 70% of positions and assets are deployed by the country by 2027.

The continent of Africa must work together to chart a new path forward because Africa can no longer count on Europe and the rest of the world to save it.

However, he noted that Nigerian oil production started in 1937, but no commercial discovery was made until the 1950s.

crude oil has been in production for approximately 60 years, which means that the first commercial discovery was made in 1956 and the first cargo of crude oil left Nigeria in 1958.

Before the start of production activities in Nigeria, no one was involved except for Nigerians who watched from the sidelines. Our communities only observed as every position was taken by expatriates.

While Nigeria’s crude production capacity has increased dramatically since the early 2000s, it is safe to say that today a significant percentage of Nigeria’s crude is produced by Nigerian companies. According to him, the number of Nigerians working for the IOCs has risen, and the corporation’s Nigeria subsidiary now has Nigerians as managing directors.

Even though that is true, he stated that Nigeria has the opportunity to share its experiences with its neighbors, such as Senegal, which is visiting the country at this time to learn from Nigeria’s decades of experience in the sector.

Sylva highlighted that the benefits of crude oil production lie in ensuring that the country’s wealth is also located within the country. Sylva stated that the benefits of crude oil production are focused on NCDMB’s aim of transferring wealth within the country, as NCDMB looks to accomplish this.

So far, we’ve grown our industry’s local participation from 3% to 43%, and our target is to grow it to 70% by 2027. We intend to do this, as it will better house the financial benefits of oil,” the minister made clear.

To ensure his guest had the confidence in Nigeria’s support, he assured him that the country would support the Senegalese energy sector to grow, and urged the country to join the African Petroleum Producers Organization (APPO).

The Senegalese delegation member commented that the delegation had traveled to Nigeria to foster collaboration between Senegalese and Nigerian colleagues with regard to the development of the African oil and gas industry, as Nigeria has a history of over 50 years in the industry.

The minister went on to say that she would like to learn the trade’s secrets and discover how Nigeria has been able to produce much of its content domestically.

In four areas, including oil and gas sector security management, national oil company organization, local content regulation, and state-owned oil company strategy, she called on Nigeria to support Senegal.

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