 Adam Business News, the Mandarin Custom Service, has adjusted the exchange rate for cargo clearance from 783 Naira per dollar to 952 Naira per dollar, representing a 22.8% increase. The Federal Government's single-window trade portal of a Custom Service revealed that the per exchange rate of 783.17 Naira, so the USD has been reviewed upward. So 951.94 Naira. The Mandarin Custom Service imposes duties before imported cargoes are cleared from the ports. And these fees range from 5% to 35% as determined by the harmonized commodity encoding system, which is a HS code. The Custom Service generates revenues from these fees and other tariffs accruing to it. In the first six months of this year, the Service reported an average collection of 202 billion Naira, monthly from these tariffs and levies. And the Mandarin content level in 2023 stood at 54% in Aldo. Oil and gas industry stakeholders believe the board achieved a milestone this year. The Executive Secretary of the Mandarin Content Development and Monitoring Board, engineer Simbi Wabota, has worried that not much was achieved in the area of local content enforcement. Simbi spoke alongside key players in the oil and gas industry at the 12th edition of a practical Mandarin content firm, PNC, with the theme deepening Mandarin content amidst divestment, domestication and decarbonization. Our correspondent, Jesse Everly, his details in this report. The 12th practical Mandarin content firm in session. The Mandarin Content Development and Monitoring Board, and CDNB, and stakeholders of the oil and gas industry are here to assess the achievements made so far in the 10-year strategic roadmap of the board launched in 2017 to have at least 70% Mandarin content by the end of 2027. The Executive Secretary, engineer Simbi Wabota, is given a skilled address, and although significant gains have been made in many areas, it's particularly worried that the level of local content enforcement in 2023 was not different from the previous year. We have completed 83% of the 96 initiatives on that strategic roadmap, with focus now shifting to the remaining initiatives that requires some heavy lifting to bring into fruition. Our in-country fabrication capacity moved from 60,000 tons per year to 250,000 tons per year. At the 2023, Nigerian content level in the Nigerian oil and gas industry is 54% based on our monitoring and evaluation of industry activities. This percentage is similar to the 54 Nigerian content level achieved last year. Once again, this performance is well above the minimum target of 47% Nigerian content set for 2023. Stakeholders are pleased with the progress made so far and are looking for more partnership and new opportunities in the industry. The current content development and monitoring ball has made significant progress. In advancing the participation of Nigerians in the oil and gas sector, their efforts in improving technology transfer and capacity building have been commendable and we must be aware of all these achievements. We are committed to supporting initiatives that will help local content to see how well we at the country do it, not only with relation to the aid and the participation of our indigenous entities in the oil and gas space. We must be aware of the number of seeds that we find in these countries for care and business, making thousands of decisions to help the countries that can help with the capacity building of local cities so that ultimately we can promote this because we require that we make a good opportunity for them. The role of gas initiative means exciting times are on the horizon for the industry, bringing with it immense opportunities for both. The distribution of oil and gas industry equipment manufactured in the country is part of the 3D event. Just see everything, plus the news. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.