Four years after the passage of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in April 2010, the results are clearly visible. In terms of in-country spend, the changes have been especially dramatic, although there is still ample room for Nigerian firms to expand in services, fabrication and integration particularly. The pace of local content...
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Articles & Analysis | The government is looking to expand the role of domestic players in the industry from The Report: Nigeria 2015
The lack of power has been among the biggest obstacles to economic growth, and Nigeria is in the midst of a long and complex effort to increase electricity supply by more than fivefold by 2020, from the current level of about 3400 MW to 20,000 MW. The immediate result of this is a spike in demand for capital to rehabilitate existing capacity and add new supply, making foreign investment –...
Still Africa’s largest oil producer, with an industry that in past decades has fuelled the growth of what is now its largest economy, Nigeria has the biggest reserves on the continent. Local operators are expanding their share of production, while domestic services companies are boosting capacity to meet local content requirements. Yet the sector faces steep challenges, from policy uncertainty...
Fresh from a rebasing exercise in April 2014 that boosted 2013 GDP by 89% to $509.97bn, Nigeria now ranks not only as Africa’s most populous country, but also as its largest economy. It has long played an outsized regional role, making up 76% of West Africa’s GDP and around 60% of its population.
Faced with increasing consumer demand, the water and power sector is receiving a $37.5bn injection of state funding in 2014. These projects, chiefly in power generation, will be accompanied by a restructuring of the mostly state-owned power company that accounts for 85% of public supply. Electricity subsidies remain in place, with consumer prices near production costs, making them well below...
Already the world’s largest oil producer and second-largest repository of reserves, Saudi Arabia is now looking to boost output of natural gas, including through deep-water and unconventional exploration, as well as to increase refining output. Total oil production in 2013 was 11.53m barrels a day, down 1.1% on 2012’s record levels, but still amounting to 13.1% of global output.
This chapter...