shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » FG Achieves 35% In-Country Value Growth Via Local Content

FG Achieves 35% In-Country Value Growth Via Local Content

by Joshua
June 7, 2021
in Oil and Gas

The Minister of State for Petroleum Resources, Chief Timipre Sylva, says the country has achieved significant growth in-country value addition from less than five per cent in 2010 to 35 per cent in 2021.

Sylva, who disclosed this at a virtual African Local Content Round Table , said that the feat was achieved through the implementation of local content policy.

“We have set an ambitious target to achieve 70 per cent local content in the oil and gas sector by 2027.

“Our success story in the oil and gas industry has led to a bold step to extend local content to other sectors of the Nigerian economy.

“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,’’ he said .

He noted that decades of hydrocarbon production in Africa had not translated to the desired economic growth on the continent, adding that over 15 African nations were still producing and exporting crude oil.

He said that the sad reality was that the people had not benefited maximally from the natural resource, either because the proceeds were not optimally managed, or failure to domesticate the core operations of the industry.

“We must, therefore, use the opportunity of this RoundTable to initiate conversations around local content, share success stories, challenges and come up with policies that would deepen local participation and domiciliation in our respective countries.

“One of the pathways for this desired collaboration and cross-country development is the African Continental Free Trade Area (AfCFTA) and I am pleased that we have a representative of AfCFTA in this forum.

“Indeed, AfCFTA provides an opportunity to create a single market through the facilitation of free movement of goods, services and investment within the 54 member states of the continent, creating access to 1.2 billion customers, with a cumulative Gross Domestic Product (GDP) of over 3.4 trillion dollars.

“It is imperative that African oil-producing countries and their companies cooperate closely in developing and sharing capacities and capabilities to optimise the hydrocarbon deposits and achieve economic growth and development,’’ Sylva added.

He further noted that the establishment of the biggest FPSO integration yard in Lagos, Nigeria and so many other facilities could be used by other African countries.

The minister said that it made better business sense to partner with an Umbilicals producing plant in Angola, or a bolt manufacturing company in Niger Republic instead of going all the way to the United States and Norway for the same products.

“We must take firm decisions and develop policies and projects that would position our industry competitively and sustain our economy under the emerging energy transition.

“The Federal Government of Nigeria took firm steps in this regard very recently, funding two strategic energy projects in Nigeria.

“A 10,000 tons per day methanol plant and 500 million standard cubic feet per day gas processing plant in Brass, Bayelsa State and the Ammonia and Fertilizer plant in Akwa Ibom State.

“It is my expectation that the ALCR will become a signature event, leveraging on the wonderful foundations already built by APPO and rotating among all the African oil producing countries.

“I look forward to actionable outcomes from this Roundtable and I earnestly hope it would contribute towards increased regional collaboration and development of Africa’s hydrocarbon industry,’’ he said

 


Tags: FGSociety

Related Posts

Nigeria’s Daily Crude Oil Production Drops To 937,766 bpd In September

Nigeria’s Crude Oil Export Revenue Drops by 17% to $6.68 Billion in First Two Months of 2025

June 1, 2025
President Tinubu Signs 6 IMO Instruments Of Accession

FG Rallies Stakeholders to Accelerate Nigeria’s Gas Revolution, Signs Agreement with Ten Equity Partners

June 1, 2025
The Return of Standards Organisation of Nigeria to the ports

SON Raises Concern Over Influx Of Adulterated Lubricants, Engine Oil

June 1, 2025
Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

June 1, 2025

Discussion about this post

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition