Reasons Why You Should Participate in the Nigerian Oil and Gas industry

In this article, I want to outline major reasons why Nigerians should be fully involved in the day-to-day business of the Nigerian Oil and Gas Industry. Many Nigerians believed that the affairs of the Nigerian Oil and Gas Industry had been left entirely in the hands of the multinationals not knowing that The Federal Government had signed into law the Nigerian Local Content Act 2010 that favours the indigens to fully participate and own the greater percentage of shares
and dividend from the sector. Many people don’t know about the oil business, this article is meant to tell you that there is an opportunity for everyone, however small, however big. The bigger the better, but even at a small level, we can still make an effort and then there is going to be something greater. So, read on and discover.

    

It Will Interest You to Know:

Since the enactment of the act, there are several Nigerians who have come in their thousands between 2010 and now to be involved in the Nigerian oil and gas industries. It will interest you to know that before now, out of over $220Billion oil industry expenses, only  about 5% of this was retained in the country, the 95% of the industry spend was taken outside the country as a result of contract being awarded to foreign countries or as a result of employment given to foreign nationals, but the Federal Government, in its will considered it wise, that there should be a law that should regulated the Nigerian oil and gas industries to make open it for the Nigerians to participate in all areas.

It will also interest you to know that Nigeria is 15 years behind this kind of law, but it is better late than never. The law is here, it is now left for us as Nigerians, most especially, the people from the oil producing communities, the oil producing states, in particular, the Niger Delta region to get involved and they should also ask questions to know what areas that they can come in to participate in the Nigeria oil and gas industries.

I would Say:

I would say that, it has been happening elsewhere in other part of the world where people who are operating in the industry are doing so well. Yes! They may say it is a no mean business to go into and the industry is capital intensive for one to come in. I want to tell you that there are so many opportunities that the law has brought in this regards.

Contents of the Nigerian Oil and Gas Industry Content Development Act 2010

Content of the Law: The content of the law virtually gives strength to Nigerian citizens to get involved in the business of oil and gas. Before, we did not have the money; we did not have the expertise enough to contest and compete with the expatriates. Now the Federal Government has given us empowerment to be able to involve in this oil and gas industry. We expect that nobody should be left out, who have the ability, competence, money to go into thisbusiness. That is what the law is all about. Giving us the strength and empowerment to be involved in the oil and gas industries. There is so much in the industry. 

The Beauty About the Local Content Law

The beauty about the local content law is majorly about the first consideration clause of the law. The law says, first consideration must be given to Nigerians in the award of contracts, first consideration must be given to Nigerian Companies in the award of licenses to own oil blocks (well), First consideration must be given to Nigerians for employment. First consideration, first consideration and first consideration to Nigerians. That is what the law is emphasizing more about. Concerning the number of services the law covers, there is no limit service you will have to provide for every sector. 

The law has come to provide even to the host communities and what you need to do is to come out of your restiveness and embrace the law and leverage on the provisions of the law and then you realize what the law says about you as a host community. What the law says about you as a local contractor, i.e., Within the community where the oil business is carried out. The law has provided for everyone. In fact, the law also has given our youth an opportunity to come and play a part in the industry. 

 

We Need to Be Knowledgeable 

All these depend on how much we know about  the law. Do we even know that something like this exist and part of the region? Are we ready to leverage on the provision of the law? By embracing the opportunities and receive it with both hands? These are the issues.

Who Can Do Business In the Nigerian Oil and Gas Industry

The industry covers everything from even the mechanics, who can service the machinery. A caterer can render service in the oil and gas industries and all sets of people can offer one service or the other in the oil and gas industries. This is the major content of the law. 

This article commences our insights into doing business with the Nigerian Oils and Gas Industry. More of these and how to participate fully in the Nigerian oil and gas industry is coming your way. So, consider subscribing to our mailing list so that you don’t miss anything in this digest. So far, If you have any question or contribution, kindly drop it using the comment section below.

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