Aug 16, 2019

Capacity Building in the Oil and Gas Industry – What are the essential drivers to take us there?

The Oil and Gas industry in Nigeria hit a big boom when Nigeria discovered oil. The history of oil exploration in Nigeria dates back to 1903 when Nigerian Bitumen Corporation conducted exploratory work in the country, at the onset of World War 1 the firm’s operation was stopped. 

Towards the end of the 1950s, more British firms were given a license to explore for oil and now Nigeria has become one of the largest exporters of oil in Nigeria.

Right now, oil exports represents the highest percentage of Nigeria’s income and continues to be the major life blood of the Nigerian economy.

Though, the major players in Nigeria’s oil and gas industry continues to be foreign companies, there is a huge cry for an effective local content policy and technological capacity building especially for SMEs in the sector. 

It is true that human capital development is undoubtedly the pivot for meaningful programme of economic development of Nigeria and indeed of any country. Furthermore, in the absence of substantial investment in the development of human capital in any country, sustained economic growth and development would only be a mere wish.

It is important to note that despite the huge investment made by the Nigerian government in the oil and gas sector of the economy, the GDP growth has remained insignificant which can be attributed to lack of human capital. Most definitely, this needs to change as we certainly have to see more human capacity development in the oil and gas sector.

A number of experts will get together to discuss the topic at a breakout session of the Annual General Conference. This is quite important for lawyers to participate in this session as it promises to be insightful.