Date Published: 04/22/10

Jonathan assents to increased indigenous participation in oil industry

Goodluck Jonathan

The Acting President, Dr. Goodluck Ebele Jonathan, has directed that exclusive consideration should henceforth be given to Nigerian indigenous service companies which demonstrate ownership of equipment, Nigerian personnel and capacity to execute jobs in the Nigerian Oil and Gas Industry.

He gave this directive today while giving his assent to the Nigerian Oil and Gas Industry Content Development Bill 2010 which seeks to make indigenous participation in the nation’s oil industry obligatory.

Dr. Jonathan said the new law will “address the compelling need for us as a nation to have indigenous participation in the oil industry”, emphasizing that it shall “apply to all matters pertaining to Nigerian content in respect of all operations or transactions carried out or connected with the Nigerian Oil and Gas Industry.”

The Acting President stated: “Henceforth, there shall be exclusive consideration to Nigerian indigenous service companies which demonstrate ownership of equipment, Nigerian personnel and capacity to execute jobs in the Nigerian Oil and Gas Industry.”

“Therefore, all regulatory authorities, operators, contractors, sub-contractors, alliance partners and other entities involved in any project, operation, activity or transaction in the Nigerian Oil and Gas Industry shall consider Nigerian content as an important element of their overall project development and management philosophy for project execution.”

The Acting President said the Nigerian Content Development and Monitoring Board established in accordance with the local content Act shall make procedures to guide, monitor, coordinate and implement the provisions of the new law to ensure and enforce measurable and continuous growth of Nigerian content in all oil and gas operations in the country.

Dr. Jonathan noted that even though the law as presently passed may not be totally perfect, “we are surely on the road to greater security through ownership and participation as well as industrial technology development,” he added.

He appreciated the National Assembly and all Nigerians for their patience, commitment and support in the collective quest to transform Nigeria to a world leading economy.

Eno Olotu (Mrs)

for: SSA Media and Publicity to the Acting President

Thursday