Table of Contents
Key Points
- Chevron’s $1 billion annual spend on local suppliers supports Nigeria’s oil sector growth.
- Jim Swartz, Chevron’s MD, emphasizes local capacity building and strategic partnerships.
- Chevron has been investing in Nigeria’s energy industry for over 60 years, focusing on sustainable growth.
Chevron Nigeria Limited has been a key player in the growth of Nigeria's energy industry, investing approximately $1 billion annually in local suppliers, a move seen as vital for the long-term development of the nation’s oil and gas sector.
Chevron Nigeria's commitment to local suppliers is a cornerstone of its strategy to build capacity and forge lasting partnerships in the country, according to Jim Swartz, Managing Director of Chevron Nigeria and Mid-Africa. Swartz made these remarks at the 2024 Practical Nigerian Content Forum, held from December 2 to 5 in Yenagoa, Bayelsa State.
A focus on local capacity building
Chevron’s longstanding presence in Nigeria spans more than 60 years, during which it has consistently prioritized local content. The company has been a pioneer in developing Nigerian content, implementing its local content strategy as early as 1999—well before the Nigerian Oil and Gas Industry Content Development Act was passed in 2010.
Swartz highlighted that Chevron’s investment strategy is not solely about meeting regulatory requirements, but also about fostering the growth of local businesses by providing opportunities for indigenous contractors and suppliers. The company’s approach is guided by a participatory-partnership model, designed to enhance the competence and competitiveness of Nigerian businesses across various sectors, from procurement to skills training and research.
Chevron has spent an average of $1 billion annually over the last decade on Nigerian suppliers and service providers, supporting multiple facets of the industry, including asset acquisition, procurement, and research collaborations. “This is not just a compliance measure for us,” Swartz said. “We do this because we believe it’s the right thing to do for Nigeria’s economic future.”
Building partnerships for sustainable growth
Swartz also emphasized Chevron’s commitment to fostering lasting partnerships with local businesses, especially through collaboration with the Nigerian Content Development and Monitoring Board (NCDMB). These partnerships are essential for strengthening local capabilities, training Nigerian talent, and developing innovative solutions that can ensure the long-term sustainability of Nigeria’s oil and gas sector.
Looking ahead, Chevron plans to continue expanding its collaboration with local businesses, focusing on areas such as research, development, and business partnerships to keep Nigeria’s oil and gas industry competitive. Swartz concluded, “We will continue investing in local talent, supporting research and development, and ensuring that our partnerships lead to mutually beneficial outcomes for Nigeria.”
