Stakeholders Call for 20% Oil Block Equity for Nigerians

Concerned stakeholders have urged President Bola Tinubu to ensure that 20% equity in 50 oil blocks scheduled for sale is granted to Nigerians. This proposal was made during the Nigerian Local Content Conference held at Transcorp Hilton Hotel in Abuja.

Michael Akuech, a representative at the conference, argued that incorporating 20% equity for Nigerians in the bidding process would significantly increase local participation in the petroleum sector and help alleviate poverty, as 63% of Nigerians live in multidimensional poverty according to the National Bureau of Statistics. The stakeholders emphasized that the Nigerian government should instruct the Nigerian Upstream Petroleum Regulatory Commission to mandate bidders to include this equity in their submissions.

The proposal aims to mobilize local communities, potentially benefiting millions of Nigerians across various states, thereby enhancing youth engagement and ownership in the oil and gas industry.