The Nigerian Petroleum Industry has attracted a lot of investment in recent years and much more is still being expected. Between 2005 and 2008 as much as $67billion for oil and $32.7 billion for gas. This level of investment which is unprecedented is not only an evidence of growth, it also shows the level of confidence the investing global community has in the Nigerian economy. Already, the high level of investment has begun to yield fruits.

Unlike previous years, a significant portion of this investment will be domiciled in Nigeria through the local content and participation initiative. The focus will be in five key areas, namely: Engineering design, fabrication and construction, materials and manufacturing, banking and insurance, shipping and logistics.

From 2006 all front end Engineering and detailed design will be done in the country. This will grow in-country engineering man-hours from 200,000/hr to2-3 million per year. To deliver this, 2,000 additional jobs will be treated over the next 15 months to bridge the current engineering manpower gap. 300 engineer per quarter are been trained through a collaborative effort between PTDF and the industry.

A mandatory scope of fabrication and construction work t be domiciled in Nigeria has been specified in the Nigerian content framework. This applies to 50% of all FPSO topside including pristine vessels up to 75mm and all offshore platforms. This directive will grow fabrication tonnage in Nigeria from between 3,000-5,000 tons per year in 2006. Through to 2010 over 10,000 new jobs will grow fabrication industry. And upgrade of selected local fabrication yards to international standard is ongoing.