The consensus at the event was that extending the Act to those key sectors would replicate the achievements recorded in the oil and gas industry through the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
Browsing: Nigerian Content Development and Monitoring Board
Atake noted that the Addax/NNPC PSC was planning a fresh investment of between $3 billion and $5 billion in Nigeria over the coming years as part of efforts to optimise its operations in the country and increase production from its existing assets, both onshore and offshore.
“The intervention fund has all-in single digit interest rate of 8 per cent for loans extended to Nigerian oil and gas service providers and all-in single digit interest rate of 5 per cent for loans extended to community contractors,” he stated.
He said, “The intervention fund has all-in single digit interest rate of eight percent for loans extended to Nigerian Oil and Gas Service providers and all-in single digit interest rate of five percent for loans extended to community contractors.”
Kachikwu said, “I would like to see the Japanese coming; I would like to see the Koreans come here; I would like to see collaborative efforts that will make our oil industry produce everything that we need.”
“The conversation has been largely misunderstood to bother on fraud. It was not on fraud, but on governance and suggestions on ways to go about it. I think a lot of people got it wrong.”
He said that research and development (R&D) efforts by stakeholders needs to offer real value and relevance to the oil and gas industry so that companies would support and fund them.
He noted that the Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and Petroleum Host Community Bill had all gone through second reading.
Baru further said government was working out a political solution to the socially-induced-agitation sabotage while the law enforcement agencies had been empowered to deal with those who engage in pipeline vandalism out of criminality such as oil theft.
“Over the years, Nigerian companies have found it difficult competing with their counterparts from jurisdictions where funding is accessible for 5% or less as compared to our market where bank lending rates hover around 20%,” he said.
