Advisors ReportsAdvisors Reports
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Search
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: Local Content: Senate Committee to summon IOCs, agencies for economic diversification beyond crude oil
Share
Sign In
Notification Show More
Font ResizerAa
Advisors ReportsAdvisors Reports
Font ResizerAa
Search
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
DocumentaryExtractive IndustryLocal ContentNewsOilUpstream

Local Content: Senate Committee to summon IOCs, agencies for economic diversification beyond crude oil

Admin
Last updated: February 10, 2024 7:04 am
Admin
Share
9 Min Read
SHARE

 

Oredola Adeola

 

The Natasha Akpoti-Uduaghan-led Senate Committee on Local Content is set to summon international oil companies and relevant government agencies to ensure they contribute significantly to the Nigerian economy beyond crude oil extraction and sales.

 

She made this known during the first interactive session with the leadership of the Nigerian Content Development and Monitoring Board (NCDMB) at the Senate Building at Abuja on Wednesday.

 

According to a statement released by NCDMB on Friday, the first interactive session between the Senate Committee and the Board was aimed at collaborating and deepening the implementation of local content in the oil and gas industry and linkage sectors.

 

Senator Natasha Akpoti-Uduaghan, who moderated the meeting, criticised the international oil companies (IOCs) in Nigeria for not investing in the petrochemical sub-sector and other associated manufacturing activities, whereas IOCs in other oil producing jurisdictions make such investments and contribute significantly to those economies.

 

She therefore announced intention of the committee to invite the IOCs and other relevant agencies of Government, to compel them to create tangible value in the Nigerian economy beyond the extraction and sale of crude oil.

 

Senator Akpoti-Uduaghan said: “We need to get them around the table and tell them what we want as a country as against watching them export crude oil only.”

 

She therefore assured NCDMB that the committee would not antagonize the Board and other entities under its supervision but would collaborate towards effective implementation of the Board’s mandate for the benefit of Nigerians.

 

The Senator further expressed concern over the parlous state of the economy, particularly the alarming level of unemployment which has fuelled an increase in criminality. She emphasised the need to deepen the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD Act, to create employment opportunities from the activities in the oil industry and catalyse other sectors of the economy.

 

She therefore requested the Board to submits performance reports on the implementation of the NOGICD Act, specifically on the Board’s third-party investments, capacity building programmes, expatriate quota management and research and development.

 

The Senate Committee Chairman also requested the Board to recommend sections of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act that needed to be amended by the National Assembly.

 

The Committee expressed concerns over the status of the Nigerian Content Development Fund (NCDF) and the performance of the Nigerian Content Intervention Fund (NCI Fund).

Local Content: Senate Committee to summon IOCs, agencies for economic diversification beyond crude oil
Oredola Adeola

The Natasha Akpoti-Uduaghan-led Senate Committee on Local Content is set to summon international oil companies and relevant government agencies to ensure they contribute significantly to the Nigerian economy beyond crude oil extraction and sales.

She made this known during the first interactive session with the leadership of the Nigerian Content Development and Monitoring Board (NCDMB) at the Senate Building at Abuja on Wednesday.

According to a statement released by NCDMB on Friday, the first interactive session between the Senate Committee and the Board was aimed at collaborating and deepening the implementation of local content in the oil and gas industry and linkage sectors.

Senator Natasha Akpoti-Uduaghan, who moderated the meeting, criticised the international oil companies (IOCs) in Nigeria for not investing in the petrochemical sub-sector and other associated manufacturing activities, whereas IOCs in other oil producing jurisdictions make such investments and contribute significantly to those economies.

She therefore announced intention of the committee to invite the IOCs and other relevant agencies of Government, to compel them to create tangible value in the Nigerian economy beyond the extraction and sale of crude oil.

Senator Akpoti-Uduaghan said: “We need to get them around the table and tell them what we want as a country as against watching them export crude oil only.”

She therefore assured NCDMB that the committee would not antagonize the Board and other entities under its supervision but would collaborate towards effective implementation of the Board’s mandate for the benefit of Nigerians.

The Senator further expressed concern over the parlous state of the economy, particularly the alarming level of unemployment which has fuelled an increase in criminality. She emphasised the need to deepen the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD Act, to create employment opportunities from the activities in the oil industry and catalyse other sectors of the economy.

She therefore requested the Board to submits performance reports on the implementation of the NOGICD Act, specifically on the Board’s third-party investments, capacity building programmes, expatriate quota management and research and development.

The Senate Committee Chairman also requested the Board to recommend sections of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act that needed to be amended by the National Assembly.

The Committee expressed concerns over the status of the Nigerian Content Development Fund (NCDF) and the performance of the Nigerian Content Intervention Fund (NCI Fund).

Local Content: Senate Committee to summon IOCs, agencies for economic diversification beyond crude oil
Oredola Adeola

The Natasha Akpoti-Uduaghan-led Senate Committee on Local Content is set to summon international oil companies and relevant government agencies to ensure they contribute significantly to the Nigerian economy beyond crude oil extraction and sales.

She made this known during the first interactive session with the leadership of the Nigerian Content Development and Monitoring Board (NCDMB) at the Senate Building at Abuja on Wednesday.

According to a statement released by NCDMB on Friday, the first interactive session between the Senate Committee and the Board was aimed at collaborating and deepening the implementation of local content in the oil and gas industry and linkage sectors.

Senator Natasha Akpoti-Uduaghan, who moderated the meeting, criticised the international oil companies (IOCs) in Nigeria for not investing in the petrochemical sub-sector and other associated manufacturing activities, whereas IOCs in other oil producing jurisdictions make such investments and contribute significantly to those economies.

She therefore announced intention of the committee to invite the IOCs and other relevant agencies of Government, to compel them to create tangible value in the Nigerian economy beyond the extraction and sale of crude oil.

Senator Akpoti-Uduaghan said: “We need to get them around the table and tell them what we want as a country as against watching them export crude oil only.”

She therefore assured NCDMB that the committee would not antagonize the Board and other entities under its supervision but would collaborate towards effective implementation of the Board’s mandate for the benefit of Nigerians.

The Senator further expressed concern over the parlous state of the economy, particularly the alarming level of unemployment which has fuelled an increase in criminality. She emphasised the need to deepen the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD Act, to create employment opportunities from the activities in the oil industry and catalyse other sectors of the economy.

She therefore requested the Board to submits performance reports on the implementation of the NOGICD Act, specifically on the Board’s third-party investments, capacity building programmes, expatriate quota management and research and development.

The Senate Committee Chairman also requested the Board to recommend sections of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act that needed to be amended by the National Assembly.

The Committee expressed concerns over the status of the Nigerian Content Development Fund (NCDF) and the performance of the Nigerian Content Intervention Fund (NCI Fund).

NNPC claims 1.8million bpd crude oil figure represents October peak production, not average output
Lagos PETROAN Chapter strategizes to tackle petroleum marketing challenges, explores CNG investment opportunities
UEF SEForAll grantee connects 140 businesses to stand-alone solar in Ayangburen Market, Lagos
Power outage hits Ile-Ife, Ikire, Ilesha, Ondo for 7 hours on Friday
PETAN pledges to empower Uganda’s oil, gas sector with training investments

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Copy Link Print
Share
Previous Article NERC sanctions 11 DisCos over non-compliance with capping of estimated bills for unmetered customers
Next Article Electricity Act (Amendment) 2024: GenCos to set aside 5% for host community development
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -
Ad imageAd image

Latest News

NNPC Ltd. uncovers coordinated campaign to discredit new leadership, derail ongoing reforms
Downstream Midstream News Upstream
June 27, 2025
Osagie Okunbor retires after 39-yrs of inspiring leadership, driving Shell’s deep-water, integrated gas growth
Documentary Gas Impact Local Content Midstream News Oil & Gas Special Project Upstream
June 27, 2025
Heirs Energies, Renaissance Africa commit to strategic alliance to boost Nigeria’s oil, gas sector
News
June 25, 2025
NLNG to deliver keynote at 4th Oriental News National Conference in Lagos, July 24
Advertorial Documentary Downstream Energy Transition Gas Impact News
June 24, 2025
Follow US
© 2022 AdvisorsReports. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?