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Business Hilights
Tracking Nigeria's Headline Business News Online

FG’s ‘Project 100’may not lift local content so far ease of doing business is poor

Following the inauguration of the first 60 local oil and gas indigenous firms out of the planned ‘Project 100’, industry experts have observed that the target of the scheme may not be realized as far of ease of doing business in Nigeria and oil and gas industry remain poor.
According to experts, the exploits of the chosen first 60 indigenous oil and gas companies operating in Nigeria will be hampered by bureaucracies in government procurement and delays on the part of the government in meeting its own obligations in the entire new scheme.
Business Hilights recalls that the Federal Government through the Ministry of Petroleum Resources came up with ‘Project 100’ to support 100 indigenous oil and gas companies operating in Nigeria to overcome their existing market challenges and grow to become big energy conglomerates.
Government said ‘Project 100’ would see 100 wholly-owned and operated Nigerian companies receive capacity and financial support from the Nigeria Content Development and Monitoring Board (NCDMB).
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu disclosed that the programme will, among other things, seek to also develop next generation large-scale Nigerian oil and gas service companies through structured capacity building and policy intervention.
Kachikwu, at the unveiling of the programme and the first 60 benefiting companies, acknowledged that indigenous companies operating in Nigeria’s oil industry always contend with serious difficulties.
The Minister further explained that the logic behind the programme was to create opportunities for local companies by boosting their capacity and giving them access to existing markets. The minister urged the selected firms to focus on growing their businesses, adding that the government would expect them to meet the objectives of the programme.

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