Flowchart:

Local Content Development: Optimizing

economic Growth in Nigeria
A larger part of the huge sums of money spent on
servicing the Nigerian oil and gas industry is
spent abroad, the Federal Government of
Nigeria, in a bid to address this issue introduced
the Nigerian Oil and Gas Industry Content
Development Act 2010 which seeks to increase
indigenous participation in the Oil and gas
industry by prescribing minimum thresholds for
the use of local services and materials and to
promote transfer of technology and skill to
Nigerian staff and labour in the industry, the act
has helped improve the country's economy
(NCDMB, 2018).

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Overall Policy objectives of the
act.

The local content policy

objective and the overall
obligation imposed in respect of
transactions within the Oil and
Gas industry are set out in
Section 3 of the Act.

The Impacts of the act on

the development of the
nation.
Several positive outcome
has yielded since the
implementation of the act,
of such as berthing of the
largest FPSO in the world,
the Egina FPSO,
employment and training,
several expatriate positions
rejected and other limitless
potentials inherent in
effective local content
implementation.

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Next Frontiers of the
Nigerian content.
The new frontier will
include in-coutry capital
retention of at least $14
billion of the $20 billion
annual industry spend,
creation of 300,000 jobs,
growth of aggregate in-
contry value addition from
the current 26% to 70% by
2027 (NCDMB, 2018).

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In conclusion the oil and
gas industry is the main
fuel that drives the
Nigerian economic engine.
The implementation of the
Nigerian content act has
greatly improved the
economy. Local content is
not a sprint but a marathon.

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 References
Aneke, P. (2002): "The role of major operators in the development of local content in the Nigerian
oil and gas industry". A paper delivered during a national seminar on the dynamics of
equipment leasing and contract financing for local contractors in the oil and gas sector. Port
Harcourt, Nigeria.

NCDMB. (2018). Moving Nigerian Content to the next level. Local Content Digest, pp. 38-40.
Retrieved 2019

Nwosu, H.U., Nwachukwu, I.N., Ogaji, S.O.T. and Probert, S.D.(2007): Local involvement in
harnessing crude oil & natural gas in Nigeria. Applied Energy, volume 83, issue 1 1, PP
1274-1287.

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