We’ve boosted capacity of indigenous oil companies tremendously – Buhari

President Muhammadu Buhari has said his administration had boosted the capacity of indigenous companies by 5 per cent from 2 per cent in 2010

Buhari disclosed this on Monday at the Banquet Hall, Presidential Villa, while declaring the Nigeria International Energy Summit, NIES 2023, open in Abuja.

Buhari, represented by Mr Boss Mustapha, the Secretary to the Government of the Federation (SGF), said the government would ensure an adaptive framework for indigenous companies to take advantage of the investment by the international oil companies, IOCs.

The Petroleum Industry Act (PIA), passed into Law by Buhari, has been a game changer in Nigeria’s oil and gas industry.

“We ensured there’s an adaptive framework for the indigenous companies to take advantage of the investment by the international oil companies.

“This has ensured that the indigenous companies grew their capacity tremendously. They are now considered for about five per cent of national oil and gas production, which has led to an increase from two per cent in 2010,” he said