FG reveals that Nigeria retains $5bn of the sum spent annually in the Oil and Gas Sector

Further to the continuous implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010 the Nigerian Content Development and Monitoring Board (“NCDMB”) recently declared that it has been able to successfully retain in-country an approximate sum of $5 billion of the $20 billion capital usually expended annually by Nigeria's oil and gas sector. This achievement is commendable as it signifies that the NCDMB is half-way through in realizing its target ofretaining $10 billion of the annual expenditure of the oil and gas sector in Nigeria.