Oil & Gas

Chevron’s significant investment in Nigeria’s oil and gas sector is pivotal for the country's growth and development. Jim Swartz, Chevron’s Managing Director of Nigeria and Mid-Africa, revealed that the company’s annual expenditure of approximately $1 billion on Nigerian suppliers plays a crucial role in advancing the industry. Speaking at the 2024 Practical Nigerian Content Forum, which took place from December 2 to 5 in Yenagoa, Bayelsa State, Swartz emphasized the importance of strengthening local capacity to ensure the sector's long-term success.

Swartz also underscored that the success of the oil and gas industry is largely dependent on strong partnerships between all stakeholders. He reiterated Chevron’s commitment to prioritizing Nigerian content development as part of its broader strategy. With over 60 years of investment in the country, Chevron remains optimistic about the opportunities within Nigeria’s oil and gas sector, provided that the right government policies, regulations, and legislation are in place to support continued growth.

The forum, organized by the Nigerian Content Development and Monitoring Board (NCDMB), brought together key industry leaders to discuss strategies for enhancing local participation in the sector. Swartz highlighted Chevron’s Nigerian Content policy, which aims to foster competence and competitiveness among indigenous contractors and suppliers. He further noted that the company’s approach focuses on a participatory-partnership model that supports local talent and capabilities in a sustainable manner.

Chevron has long been a pioneer in promoting local content, implementing its Nigerian content development philosophy as early as 1999, even before the Nigerian Oil and Gas Industry Content Development Act was passed in 2010. The company’s efforts extend beyond financial investments to include skills acquisition programs, technical support, and the creation of opportunities for Nigerian businesses in areas such as asset acquisition and research and development. With an estimated annual spend of $1 billion on Nigerian suppliers over the last decade, Chevron remains dedicated to building partnerships that benefit both the company and the broader Nigerian economy.