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Oil price volatility threatening Nigerian Content — NNPC

L-R: Executive Secretary, Nigeria Content Development and Monitoring Board, Simbi Wabote; Minister of State for Petroleum Resources, Timipre Sylva; Managing Director, Shell Petroleum Development Company and Country Chair, Shell Companies in Nigeria, Osagie Okunbor; Managing Director, Nigeria Liquefied Natural Gas, Tony Attah; and Shell Nigeria’s General Manager, Business and Government Relations, Bashir Bello, at the Shell exhibition booth during the opening session of the 2019 Practical Nigeria Content Forum in Yenagoa…

By Michael Eboh & Prince Okafor

The Nigerian National Petroleum Corporation, NNPC, has expressed concern that the persistent volatility in the price of crude oil is putting immense pressure on the local content initiative of the Federal Government.

Speaking in Bayelsa, at the ongoing 9th Practical Nigerian Content, Group Managing Director of the NNPC, Mallam Mele Kyari, stated that with this reality, it had become expedient, for the Federal Government and stakeholders to raise the bar of the Nigerian content policy.

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He said, “The Nigerian Content policy has indeed been a catalyst for the nation’s industrialisation. There is, however, no doubt that the resilience of local content policy is being tested under the present volatility in oil prices experienced in the global oil and gas market. Now is therefore, the time to raise the bar of the Nigerian content policy.”

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