The Oil and Gas industry in
Nigeria hit a big boom when Nigeria discovered oil. The history of oil
exploration in Nigeria dates back to 1903 when Nigerian Bitumen Corporation conducted
exploratory work in the country, at the onset of World War 1 the firm’s
operation was stopped. 

Towards the end of the 1950s,
more British firms were given a license to explore for oil and now Nigeria has
become one of the largest exporters of oil in Nigeria.

Right now, oil exports
represents the highest percentage of Nigeria’s income and continues to be the
major life blood of the Nigerian economy.

Though, the major players in
Nigeria’s oil and gas industry continues to be foreign companies, there is a
huge cry for an effective local content policy and technological capacity
building especially for SMEs in the sector. 

It is true that human
capital development is undoubtedly the pivot for meaningful programme of
economic development of Nigeria and indeed of any country. Furthermore, in the
absence of substantial investment in the development of human capital in any
country, sustained economic growth and development would only be a mere wish.

It is important to note that
despite the huge investment made by the Nigerian government in the oil and gas
sector of the economy, the GDP growth has remained insignificant which can be
attributed to lack of human capital. Most definitely, this needs to change as
we certainly have to see more human capacity development in the oil and gas

A number of experts will get
together to discuss the topic at a breakout session of the Annual General
Conference. This is quite important for lawyers to participate in this session
as it promises to be insightful.