| Nigerian Oil and gas industry aggregate annual expenditure is more than the total yearly budget of the Federal Government of Nigeria. Capital investments in the sector in the next five years estimated at $41 billion.
High level demand for materials, equipment and services from other sectors of the economy such as fabrication, manufacturing, shipping, insurance, etc. due to expected level of investment.
Two million man-hours are expected in 2006 as well as about $1 billion in contracts and an average of 3000 active jobs during the year (up to 5000 jobs at peak periods).
Over $12 billion is to be spent on FPSO over the next 5 to 10 years, about $1.5 billion per year on fabrication, and there will be investments of over $8 billion on LNG plants in the next 5 years. materials and manufacturing, takes over $5 billion on procurement |
