In the year 2027, Nigeria would attain a 70% percent local content presence in the oil and Gas industry.
Speaking at the first day of the 2 days Nigerian Content Summit 2020 Virtual Stakeholders Consultative Summit on the proposed Local Content Bill organised by the Local Content Committees of the National Assembly, Engr Simibi Wabote made this known to the general audience.
He explained that though the current state of local content in the industry is at 32% percent, which was a far cry of 5% percent before the passage of the Nigerian Content Act in 2010, but with a few improvements with the old law it hopes to move up to a 70% percent participation.
He mentioned that with the help of the current law, the Expatriate Quota is decreasing drastically in the industry, as most Multinational Oil Companies are now managed by Nigerians.
He also emphasised that with the coming in of the Act, several indigenous companies have sprung up and now compete favourably in the market. An example is the recently commissioned 5,000 barrels daily modular refinery by Waltersmith Petroman.
According to him, if not for the Local Content initially put in place, the country would not have been able to survive the effect of the COVID-19 pandemic on its economy.