The Nigerian government has been encouraging local content development in some key and strategic sectors of the economy including the oil and gas.
Nigeria is the largest economy in Africa and the 26th largest economy in the world, with a nominal GDP of about US$405 billion as of 2016. The country is also the largest producer of oil and gas in Africa with petroleum exports value in 2017 exceeding $38 billion.
While there are no restrictions on the percentage shareholding foreign investors can hold in a Nigerian company, the Nigerian government has been encouraging local content development in some key and strategic sectors of the economy including the oil and gas. One way the country is doing this is through the implementation of the Nigerian Oil and Gas Industry Content Development Act (NOGIC Act) which provides for the development of Nigerian content in the Nigerian oil and gas industry, Nigerian content plan, supervision, coordination, monitoring and implementation of Nigerian content.
In this webinar, the speaker Ayo Salami (Partner, Energy & Natural Resources, Tax, Regulatory & People Services) shared unique insights to the potential opportunities and risks in the Nigerian Oil & Gas sector and also the impact of new fiscal terms that may come to play.
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