Petroleum Ministry Intensifies Sensitization On Local Content

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Permanent Secretary Ministry of Petroleum Resources, Mr.Bitrus Baba Nabasu briefing newsmen in Abuja. Photo: BASHIR BELLO DOLLARS

By AUSTIN OWOICHO, Abuja

The Permanent Secretary Ministry of Petroleum Resources, Mr.Bitrus Baba Nabasu has revealed that his ministry has embarked on sensitizing Nigerian investors in the petroleum sector on the need to have local contents, and to see to that both foreign and local investors in the sector use raw materials sourced locally.

Speaking at the international Forum organized by his ministry on local contents,said, if investors in the petroleum sector, make use of raw materials sourced locally, it would save the country a lot of foreign exchange .
According to him, ” Saudi authorities do not allow foreign oil companies to bring steel products into Saudi Arabia but forced oil firms to make use steel found in that country .
” This has gone along way to curb capital flight from that country”, he added .

He said if Nigeria adopts the same measures, capital flight, unemployment would be a thing of the past .

The technocrat also stated that another major aim of convening the stakeholders conference on local content is to see how individuals who are involved one way or the other in the oil sector can exchange ideas , compare notes and get good advice from those who were already entrenched in the filed of petroleum related business .

Finally, Mr.Nabasu, stated that his ministry would on a continuous basis embark on such sensitization drive .

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