Fluctuations of oil price threatening Nigerian content development — NNPC

The Managing Director of the Nigerian National Petroleum Corporation (NNPC) has shared his concerns about the persistent fluctuations in crude oil price. According to him, it was putting a lot of pressure on the Federal Government’s content development.

Vanguard reported that Kyari, who was represented by Chief Operating Officer, Corporate Services of the NNPC, Faruk Sa’id, expressed his concerns while speaking at the ongoing 9th Practical Nigerian Content conference. He called for the need of the Federal Government to raise the bar when it comes to local content policies as it is a catalyst for the country’s industrialization.

According to Kyari, the NNPC has always given its quota in developing local content in Nigeria. He explained that the NNPC had always and would be at the heart of the local content story in Nigeria in a bid to maximize the participation of Nigerians in its projects and domicile project activities in the country.

Speaking further, he disclosed that the NNPC had been implementing the Nigerian Content Policy as enshrined in the Nigerian Oil and Gas Industry Content Development (NOGICD).

Kyari’s words: “The Nigerian content policy has indeed been a catalyst for the nation’s industrialisation. There is, however, no doubt that the resilience of local content policy is being tested under the present volatility in oil prices experienced in the global oil and gas market. Now is, therefore, the time to raise the bar of the Nigerian content policy.” 

“As early as 2005, despite almost 50 years of a vibrant national oil industry experience, NNPC was concerned at the low level of Nigerian Content in our country and thus called for a fresh approach to domesticating oil and gas industry spend through the establishment of the Nigerian Content Division (NCD) with the aim of identifying and guiding the implementation of key national content initiatives including promoting local manufacturing of steel plates and pipes and developing engineering design expertise in Nigerian engineers,” he added.

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