In our determination to encourage much greater participation of Nigerians in the oil and gas industry, one of the first actions I took, was the enactment of the Nigerian Oil and Gas Industry Content Development Act.
As a result of this law, indigenous Nigerian participation levels, in upstream and downstream activities of the oil and gas industry have increased by over 45%, thereby increasing employment opportunities for our youth.
We have also succeeded in eliminating the long queues that previously characterised our filling stations, through regular and sustained product supply.
Gas infrastructure to ensure adequate Gas to Power and Gas to Industry, is being aggressively put in place. Over 450km of gas pipelines have been installed over the last 3years.
Another 2,000km is planned over the next 4years. Critical petrochemical and fertilizer facilities have commenced including the gas industrial park in Delta State, for which I am scheduled to perform the ground-breaking this Friday. This will create millions of jobs and make Nigeria a regional hub.
In addition, as a result of government favourable policies the private sector is investing over 12 billion dollars in the petrochemical sector, over the next 4years. This will surely create millions of jobs for our people.
In terms of gas supply, we have grown from less than 500million cubic feet per day, 4years ago, to about1.5 billion cubic feet per day currently. Our goal is to attain 4 billion cubic feet per day, over the next 4years.
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