Nigeria is committed to boosting the role of indigenous firms in its oil industry so as to derive greater benefit from anticipated investment of $150 billion in the sector over the next five years, a senior official said.
President Goodluck Jonathan in April signed into law a local content bill aimed at boosting the involvement of local firms in its mainstay industry and creating jobs in Nigeria, most of whose 140 million citizens have seen little tangible benefit from crude oil in the five decades since it was first pumped.
Ernest Nwapa, executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), set up to oversee the implementation of the bill, said less than 20 percent of an average annual industry spend of $18 billion was retained in the OPEC member nation, a situation which had to change... Reuters
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