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Local Content: Nigeria retains $5 billion of yearly spend in oil and gas sector
  • Post by Admin on sunday, March 05, 2015

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote has disclosed that about $5 billion out of the $20 billion spent annually in Nigeria's oil and gas is retained in-country as a result of seven years of implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010.

Speaking in Lagos at the recent inauguration of the new national executive council of Oil and Gas Trainers Association of Nigeria (OGTAN), Wabote stated that the target of the NOGICD Act was to retain $10 billion of the yearly expenditure.

He restated that before the NOGICD Act was signed into law, all fabrication, engineering, and procurement were done abroad resulting in estimated capital flight of $380 billion in 50 years, while estimated job lost opportunities was in the region of two million.

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