What US Fed rates cut means for your investment in Nigeria

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It is becoming clearer more than ever before that the United States Federal Reserve would most likely cut it monetary policy rate soon as concerns mount over a negative impact of the ongoing trade war on its economy. Being the world’s largest economy, it is evident that this development would impact both equity and fixed…

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Nigerian content drive in oil, gas upstream targets 300, 000 jobs

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Nine years after, the Nigerian Oil and Gas Industry Content Development Act has recorded some significant achievements and its regulator, the NCDMB has set ambitious targets, among them to create 300,000 jobs by 2027 amid gaps in skills and infrastructure.

The NOGICD Act was meant to increase the quantity and quality of skills and raw materials sourced within Nigeria for exploration and production activities in the oil and gas upstream. Nigerian content has grown from almost zero to 30 percent in 2018. And the Nigeria Content Development and Monitoring Board wants to move this needle further, to 70 percent in the next eight years.

“Local content is not Corporate Social Responsibility. It is Nigeria’s way of closing up gaps in the upstream oil and gas sector by building Nigerian competences and staying globally competitive” said Tunde Adelana, director Monitoring and Evaluation at the Nigerian Content Development and Monitoring Board.

French super oil major, Total Upstream floating, production, storage and offloading (FPSO), Egina, is to date the most visible testimony to the value addition position assumed by the Nigerian content philosophy. Six of the 18 modules integrated on the FPSO were built by local companies and contractors. But Nigeria’s content drive faces significant challenges.

The Board set out to achieve 60 percent Nigerian Content on the project but realised 50 percent, which Simbi Wabote, the Executive Secretary of NCDMB described as commendable because the execution of Egina set new benchmarks and domiciled new capacities and facilities in-country, one of which is the FPSO integration facility at the SHI-MCI yard located at the LADOL Free Zone, Lagos.

“If we are to implement the Nigerian Content Law 100 percent, we will have to stop oil production in Nigeria, develop non-existing capacity, and then start production again. The Board enforces … Read More...