According to President Muhammadu Buhari, his administration has increased indigenous companies' capacity from 2% in 2010 to 5%.
When he opened the Nigeria International Energy Summit, or NIES 2023, in Abuja on Monday, Buhari announced this at the Banquet Hall of the Presidential Villa.
Mr. Boss Mustapha, the Secretary to the Government of the Federation (SGF), spoke on behalf of Buhari when he stated that the government will create an adaptable framework for indigenous companies to benefit from the investment by the international oil or IOCs.
In Nigeria's oil and gas sector, the Petroleum Industry Act (PIA), which Buhari signed into law, has completely changed the landscape.
“We ensured there’s an adaptive framework for the indigenous companies to take advantage of the investment by the international oil companies.
“This has ensured that the indigenous companies grew their capacity tremendously. They are now considered for about five per cent of national oil and gas production, which has led to an increase from two per cent in 2010,” he said.
