Yemisi Izuora/Ijeoma Agudosi
The Nigerian National Petroleum Corporation (NNPC) has said that the changes noticed in the oil price recently will further encourage investment in the oil and gas sector.
Oil price in the international market last week indicated sign of improvement selling above $50 per barrel.
The NNPC also said it will steadily improve on the local content investment in oil and gas equipment fabrication in Nigeria.
Mr Adebayo Ibirogba, Group Executive Director, Engineering and Technology, NNPC said after the official visitation to KAZTEC Engineering fabrication yard in Snake island in Lagos, that investing in local content will give advantage to local fabricators.
Ibirogba added that government will ensure total encouragement to investors who want to invest locally.
He said that the government has promised its continuous support and encouragement to local fabricators in order for it to engage in more positive and creative initiatives towards meeting the local content objective and targets.
According to him, NNPC had been at the forefront of those supporting and encouraging the attainment of the local content target for the industry, as it has done for other sectors.
“This was in line with the Vision 2020 focus of President Good Luck Jonathan administration.
Multinational oil companies should also demonstrate the capacity and workable strategies for achieving and sustaining the local content target,”he said.
Ibirogba said that government is determined to promote the rapid diversification and industrialization of the Nigerian economy adding, “this is quite an interesting investment done by KAZTEC to boost the transformation agenda of the president as regard the oil and gas sector.
Speaking further, Ibirogba said, “We have seen this wonderful investment success to reclaim this part of the land, which has been a swamp area.
There is no doubt that the transformation agenda in the oil and gas sector of Mr President is yielding significant fruit as we have seen.
This is a bold step by KAZTEC and we are calling on prospective stakeholders and players in this field to have faith in our economy and then invest in this regard so that we can boost the oil and gas production and exploration in the country.
He said that government is ready to do its best to encourage investors who will support its efforts to create more jobs for qualified Nigerian youths by increasing the local production of goods and services.
lbirogba, however assured indigenous oil companies that the crude oil price will rise again, adding that the price is beginning to pick up.
“Crude oil price is going to bounce back and indigenous oil companies should not panic over the drop of crude oil price. It is beginning to bounce back, today the price has reached $ 60 per barrel, so its going to increase very soon”.