…35% Local Content Compliance
The Minister of State for Petroleum Resources, Timipre Sylva has said that Nigeria has achieved a significant 35% local content compliance in 2021 from a dismal 5% in 2010.
Slyva who was speaking at the maiden edition of the African Local Content Roundtable(ALCR),in Yenagoa, Bayelsa State, on Thursday, stated that through implementation of local content Nigeria has been able to achieve significant progress in value addition.
He stated that Nigeria plans to achieve 70% local content compliance in the next six years. “We have achieved significant growth in-country value addition from less than 5% in 2010 to 35% in 2021 and we have set an ambitious target to achieve 70% local content in the oil and gas sector by 2027”.
Sylvia stated that the nation’s “success story in the oil and gas industry has led to bold step to extend local content to other sectors of the Nigerian economy,” stressing that “as a caring African country, we have also considered it necessary to amplify the benefits of local content to our fellow African countries and that is the essence of the African Local Content Roundtable”.
The minister said any country that aspires to achieve rapid and sustainable economic growth must put in place an economic model that enables its human capital to harness its natural resources to create wealth and economic prosperity