The Nigerian National Petroleum Corporation has said indigenous companies operating in the nation’s oil and gas sector must upscale their capacity for global competitiveness.
The NNPC said this would help to achieve the target of reducing the cost of oil production in the country on a sustainable basis.
The Group Managing Director, NNPC, Mallam Mele Kyari, said this recently at a virtual stakeholders’ consultative summit organised by the Senate Committee on Local Content.
A press release by NNPC Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, quoted Kyari as saying that there was a need to amend the Local Content Act to reflect current realities in the industry.
The NNPC boss argued that there was a need to have a legislation to resolve the issues of funding challenges faced by local players.