WE'VE HALTED EXODUS OF JOBS IN OIL, GAS INDUSTRY - FG

Nigeria has successfully cut back the huge capital flight associated for decades with the country's oil and gas industry, Petroleum Minister, Mrs. Diezani Alison-Madueke said on Thursday.

About a year ago, the Nigerian government had signed a Local Content Bill into law to allow for more local stakes and greater employment of Nigerians in the industry.

Alison-Madueke who spoke to a gathering of stakeholders to commemorate the one-year anniversary of the law said the policy had reduced the exodus of jobs overseas as more international firms operating in the country had been forced to give top preference to local companies and personnel in the award of contracts as well as staff employment.

'We have all seen how one year implementation efforts have rekindled our fillip to create capacity in human, infrastructure, facilities and other areas required to execute increased activities in Nigeria thereby retaining higher value in Nigeria from industry operations,' Alison-Madueke said on the impact of the Local Content Law in the last one year.

'In this way, we are bringing back Nigerian jobs which have been exported to foreign economies for a very long time at the expense of our national economic development. 'By insisting on doing more in Nigeria, we are also creating opportunities for training knowledge sharing and technology transfer; opportunities for investment in tab yards, facilities to support industry operations; opportunities for Nigerians to own equipment, marine vessels and Rigs and other equipment used in Industry. And these opportunities are key to rapid and sustainable growth of the Nigerian economy.

Already there is measurable and continuous growth in quantum of work being placed in Nigerian yards, contracts awarded to Nigerian companies, increasing awareness by Nigerians and indoctrination on mindset change in the short time of implementing the Act provisions by the Nigerian Content Development & Monitoring Board (NCDMB),' she added.