THE NIGERIAN OIL AND GAS INDUSTRY CONTENT DEVELOPMENT ACT 2010 AND ITS IMPLICATION FOR THE DEVELOPMENT OF THE OIL INDUSTRY IN NIGERIA

Abstract

The Petroleum Industry in Nigeria is the largest Industry due to the fact that it accounts for about 90% per cent of the Nation�s Gross Domestic Product. Although the Nigerian Government depend on the Oil and Gas Industry and makes huge financial Investments, Nigerians and Nigerian Oil Companies are not playing a Dominant role in the Exploration, Refining and Exportation of the End Products. Therefore, the Local Content in the Industry is still very low as the industry is dependent on the International Oil Companies and over 60% of the major activities, for e.g. Exploration, Refining and Exportation, remain primarily controlled and managed by the International Oil Companies. Only minor Contracts have been awarded to Local Contractors. However, the Nigerian Government is not maximizing the Opportunities created by the discovery of Oil in Nigeria. This research work takes a look at the Nigerian Oil and Gas Industry Content Development Act 2010 and its Implication for the Development of the Oil Industry in Nigeria. It further talks about the Impacts of the above stated Law on the Nigerian Oil and Gas Industry and the challenges associated with the Implementation of the Law in the Oil and Gas Industry in a bit to ensure that Nigerians are active Participants. In all this research recommend ways to promote active participation of Nigerians in Oil and Gas activities without compromising standards in order to stimulate growth of Indigenous Capacity.

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urn:uuid:b183abda-5a48-49f1-8798-104816678a6d