LOCAL CONTENT IN THE OIL AND GAS INDUSTRY OF NIGERIA: CHALLENGES, PROSPECTS AND THE WAY FORWARD
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- NGN 3000
ABSTRACT
In the past, the major players in the oil and gas industry in Nigeria were the international oil companies (IOCs). There was inadequate skilled workforce in the industry especially with respect to indigenous participation in the oil and gas projects. Consequently, the IOCs relied heavily on expatriates to carry out projects in the oil and gas industry in Nigeria which ordinarily would have been handled by Nigerians. In order to boost local participation in the oil and gas projects and create more employment opportunities for the locals, the federal government of Nigeria in 2010, enacted the Local Content Act in recognition of the inadequacy of the indigenous human capital development in the oil and gas industry in Nigeria. However, the Local Content development policy of the federal government is without some problems which have affected the effective and efficient implementation of the policy. This study therefore, examines the local content development policy of the federal government, identifies its problems and prospects, and makes appropriate recommendations.
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