FG to raise local content in oil and gas sector to 40%

The Minister of State Petroleum Resources, Timipre Sylva, says Nigeria will raise local content in the oil and gas sector from its present 10 per cent to 40 percent by 2027.

Speaking during a tour of facilities of Lee Engineering and Construction Company’s fabrication plant, in Warri, Delta State, Sylva said it was only through such deliberate policies that Nigeria could attain full industrialization and continue to create jobs for Nigerians.

The minister pledged the Federal Government’s support for indigenous oil and gas companies in the country.

He said it was through government’s patronage and support that the Local Content Act could be fully implemented.

He said the government would support the company to achieve greater heights.

The executive chairman of the company, Leemon Ikpea, urged the Federal Government to grant import duty waiver and tax relief to indigenous fabrication companies to enable them continue to support the government in job creation and boosting the economy.