Nigerian companies could receive a substantially larger proportion of the country's $18 billion oil business with the incorporation of the local content bill into law.

Having been approved by acting president Goodluck Jonathan, the new act will prioritise the purchase of goods and services essential to Nigeria's oil and gas industry from local firms.

Diezani Alison-Madueke, the country's oil minister, commented: "A Nigerian content development and monitoring board will be immediately created which will be responsible for the Nigerian content regulation and superintend over all Nigeria content activity."

The new act also includes provisions to greatly enhance access to oil and gas training courses for Nigerian workers, requiring all foreign oil companies to invest more in dedicated educational programmes.

Currently, of the $18 billion in public spending allocated to the oil and gas industry, 90 per cent is spent on imported products.

Mrs Alison-Madueke said that the act will help to bring this percentage to a target of 70 per cent.

Getenergy for Western Africa