Local Content Development in the Nigerian Oil and Gas Industry
Local Content Development
Across the world, the oil resource is a blessing for various economic purposes and it is essential for the development of the community. The gas and petroleum industry development assist the nation to attain economic benefit and growth for the employment creation and it fetches improvements in the existing standard of the state. Worldwide, there are chief beneficial resources including gas as well as oil. The petroleum industry advancements are considered to be a critical aspect for the purpose of driving a universal economy.
Nigerian Oil and Gas Industry
The resource of petrol can be utilized for numerous other products. Moreover; it is thought to be as a primary source of fuel internationally. The Gas as well, as an oil industry is being enlightened extensively as a considerable amount of literature has been written on the roles as well as the importance of the Nigerian industry as being a nation’s live wire. On an estimate, there are eight billion dollars spent every year on the industry services during its operation for instance; the seismic researches and construction, Conceptual design, fabrication, Engineering procurement, as well as Front End Engineering Design (FEED).
Various stakeholders are emphasizing the requirement of the resource-rich economy. The country of Nigeria should have control over the production, exploitation, and exploration activities in the gas as well as the oil industry. Moreover, it is important to make use of the probable strategic sector of the nation for the purpose of being able to form additional value-added services. Therefore, it needs the Nigerian government to spend $18 billion on an average annually on the production and exploration of the gas and oil. Nigeria is coupled with the IOCs or International Oil Companies and has formulated a joint venture to accomplish the aims of the gas and oil industries.