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Local Content In The Oil And Gas Industry Of Nigeria: Challenges, Prospects And The Way Forward
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1.2 Statement of the Problem
Nigeria’s rising profile in oil and
gas production was rather fast and steady such that she soon became a
formidable force within OPEC. Oil exploration, which started onshore has
tremendously improved the nation’s daily production capacity to about
2.3 million barrels per day, and raised her proven reserves to about 37
billionbarrels. However, despite Nigeria’s ever-growing profile and
wealth, the country remains one of the poorest, and technologically
backward, nations in the world. This is basically because the
much-taunted wealth has not translated into improved welfare. One reason
for this is that over 90 percent of the yearly industry expenditures
escape the domestic economy as capital flight.
1.3 Objectives of the study
There
is no doubt that the ultimate objective of any oil-producing,
developing country is to control and operate all phases of its industry.
This explains why successive governments since the country’s return to
democracy have deemed it an urgent need to positively develop the level
of participation of Nigerians in the oil and gas industry. Indeed, the
Federal Government of Nigeria have initiated several policies and
enacted some legislations towards the statutorization of such golden
initiative. This paper critically examines the various local contents in
the petroleum industry in Nigeria, particularly the key statutory
and/or policy framework regulating same.
1.4 Research question
1. What are local contents in the petroleum industry in Nigeria?
1.5 Significance of the study
Despite
the ever growing number of local oil service companies the latter’s
annual gross earnings still account for less than 5 percent of the
sector’s aggregate annual contracting budget. Even the local media has
been denied the much desired opportunity to advertise the activities of
upstream companies in Nigeria. Some of these companies, including
Nigeria LNG prefer to spend huge media budgets running into millions of
dollars on foreign media like CNN, upstream journals and magazines. They
hardly spend 20 percent of such annual budget on Nigeria media.
1.6 Scope/Limitations of the study
This
study on immorality in churches will cover all forms of immoral
activities that exist in churches today with a view of finding a lasting
solution to the problem.
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