Price volatility threatening local content in Nigeria – NNPC

The Nigerian National Petroleum Corporation, NNPC, has expressed concern that the persistent volatility in the price of crude oil is putting immense pressure on the local content initiative of the Federal Government.

Speaking in Bayelsa, at the ongoing 9th Practical Nigerian Content, Group Managing Director of the NNPC, Mallam Mele Kyari, stated that with this reality, it had become expedient, for the Federal Government and stakeholders to raise the bar of the Nigerian content policy.

He said, “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.”

Source: Vanguard

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