Post #496

Nigeria’s Oil Minister Proposes Revisiting Local Content Policy in Favor of Foreign Firms 🌐According to Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri, local contractors charge excessively high fees for oil and gas exploration and production services. He traced the issue to what he called the "misapplication" of the local content law since its enactment in 2010. Speaking at the official opening of the 2026 Nigeria International Energy Summit, minister said the requirement to hire local Engineering, Procurement, and Construction (EPC) firms has led to monopolization by Nigerian companies, inflating prices: 🔴 Monopoly in the sense that, perhaps not a siphon, maybe the only company that, whatever price they give to you, you have to take. Because there is no competition, you know. There is no competition between international EPCs and indigenous firms. Lokpobiri suggested that bringing back foreign contractors could help reduce costs, though he didn't call for repealing outright the Nigerian Oil and Gas Industry Content Development Act. Notably, when the law was passed in 2010, Lokpobiri himself was a member of the National Assembly committee that oversaw the legislation. ➡️ Follow to stay informed - @devilsbelow