The participation of local firms in the Nigerian oil and gas industry have fallen significantly as the slump in global crude oil prices left many of them without contracts.The sharp drop in prices has forced oil companies, including the big ones, to cut capital expenditure budgets, lay off employees and suspend some projects. Despite the falling crude oil prices, which have affected patronage of indigenous oil companies, West Africa Venture (WAV) has achieved 100 per cent local content policy in its operations, the company told The Guardian.
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