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Nigeria looks to locals to transform sector
Recent moves by petroleum resources minister Emmanuel Ibe Kachikwu to boost the pace of promised reforms in the oil industry have been welcomed by indigenous companies frustrated at the slow pace of change. Earlier this month, the government reached an outline settlement with five big international oil companies (IOCs) operating in Nigeria over some $5bn of arrears owed by Nigerian National Petroleum Corporation (NNPC) for its share of joint venture costs from 2010-15. The arrears have been a significant factor in holding back fresh investment, along with policy uncertainty, which Kachikwu is also committed to addressing.
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