Nigeria's Oil and Gas Industry Could Boost Economy with Increased Retention

could retain between 60 to 70 per cent of the oil and gas value chain in the country, then nation stood a better chance of emerging as one of the top 20 economies in the world, the Chairman, Petroleum Technology Association of Nigeria , Wole Ogunsanya, said at the weekend.

He said to retain those values in-country at every stage of oil and gas process, a lot of gaps needed to be filled through government policy initiatives and collaboration with industry stakeholders. “Our intention is to support this government, to support this country to increase production of oil and gas. I presented this vision to the whole house of PETAN a week ago and the vision is very clear. PETAN wants to support Nigeria through innovative means to increase product of oil and gas in this country.

The NGA President, Aka Nwokedi, in a statement made available to The Nation, described the new policy directives as transformative milestones poised to revolutionise the country’s oil and gas sector energy landscape, with gas as a critical enabler. “This would significantly reduce bureaucratic bottlenecks and enhance operational efficiency across the sector.’’

“Moreover, applying local content requirements without compromising investments or cost competitiveness underscores the government’s commitment to fostering sustainable development and empowering local stakeholders. These directives could pave the way for inclusive growth, knowledge transfer, and skill development within the Nigerian workforce by balancing local content obligations and investment incentives.

Nigeria Oil And Gas Economy Retention Value Chain Underproduction Loss In-Country Beneficiation

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