President Goodluck Ebele Jonathan has assured that his Administration will diligently implement the Nigerian oil and Gas Industry Content Development Act of 2010 to facilitate the rapid industrialization of the country.

President Goodluck Jonathan.

Speaking at the inauguration of the Governing Council of the Nigerian Content Development and Monitoring Board which was established under the Act, on Friday September 3, President Jonathan said that Nigeria must use the increased application of local content in its oil and gas industry to stimulate investments that will positively transform other sectors of its economy and create more jobs for the unemployed.

“We are painfully aware of the limitations of local capacity in manufacturing for upstream and downstream operations. This situation, coupled with weak participation of Nigerian operating and service companies in the industry; and the non-inclusion of indigenes of producing communities in the economic activities of the sector must be reversed,” the President told members of the council headed by the Minister of Petroleum Resources, Mrs. Diezani Allison-Madueke.

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He said that to convert Nigeria’s oil and gas industry from one that imports most of its essential goods and services, the Federal Government will be “consistent and unwavering” in the implementation of the local content law.

“This will domicile significant proportions of industry derivatives and keep commensurate revenue in Nigeria to drive the rapid industrialization of our economy,” President Jonathan said.

Congratulating members of the council on their appointment, the President told them that they had a unique opportunity to reposition Nigeria’s oil and gas industry for the greater benefit of its citizens. “You cannot afford to fail in this important national assignment,” he said.

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Other members of the council are Dr. Joseph Dawha, Mr. Emmanuel Bekee, Dr. Shaibu Teidi Sani, Mr. Shawley Coker, Prof. Mike Onyekonwu, Chief Olumuyiwa Ajibola and Mr. Fola Daniel.