Nigeria ‘Unwavering’ in Pursuit of Oil Jobs Law, Jonathan Says
Nigeria will be “consistent and unwavering” in implementing a new law that seeks more jobs and businesses in the oil and gas industry for citizens, President Goodluck Jonathan said.
The government wants to ensure a “significant proportion” of funds flowing into the country’s energy industry is retained locally through the participation of Nigerian companies and jobs in producing communities, Jonathan said in statement e-mailed by his office today.
Nigeria estimates that more than 80 percent of the $18 billion annual spending by joint ventures it runs with international energy companies flows to foreign companies. State-owned Nigerian National Petroleum Corp. owns a 59 percent stake in five joint ventures that pump most of its oil.
Royal Dutch Shell Plc, Exxon Mobil Corp., Chevron Corp., Total SA and Eni SpA are joint venture partners with the state oil company. Nigeria is Africa’s top oil producer and the fifth- biggest source of U.S. oil imports.
The new law, signed by Jonathan on April 22, prescribes oil and gas industry jobs and services that must be reserved for Nigerians.
To contact the reporter on this story: Elisha Bala -Gbogbo in Abuja via Johannesburg at pmrichardson@bloomberg.net.
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