Oil and Gas sector to receive $10bn investment boost through Local Content

Nigeria’s oil and gas sector is expected to attract about $10 billion in investments between 2015 and 2016 through the Local Content Development Policy.

This was disclosed on Tuesday, May 5, 2015, by the Executive Secretary of Nigerian Content Development and Monitory Board (NCDMB), Ernest Nwapa.

Nwapa made the disclosure at the Nigerian Investment Forum in Houston, Texas adding that over $5 billion worth of investments has been made since President Goodluck Jonathan signed the Nigerian Content Bill into law in 2010.

He also said that over $1billion has been invested in the Nigerian oil and gas industry to create capacity and execute Nigerian Content scopes provided on the Egina Deep Water Project.