LOCAL CONTENT: Local Capacity to Enhance Regional Value, Supports GDP Growth Through Regional Collaboration, Says Experts
By ‘Sola Akingboye
Industry players in the energy, oil&gas sector at the 2024 NOG Energy Week today, Monday, stressed the significance of promoting the exportation of local capacity to enhance regional value. They also identified opportunities for regional partnerships and highlighted the role of regional collaboration in supporting GDP growth.
The Nigerian Content seminar, held at the 23rd edition of the Energy Week and organized by dmg Events Nigeria, featured a panel discussion moderated by George Onafowokan, Managing Director of Coleman Cables & Wires. Experts in the energy, oil, and gas sector participated in the seminar, which was hosted by the Nigerian Content Development and Monitoring Board.
During the discussion, the panelists addressed the challenges related to trade and export and how these have been alleviated by the African Continental Free Trade Area (AfCFTA). This development positions Nigeria as a hub of excellence, offering services and expertise that meet global standards.
In his address, Alhaji Abdulmalik Halilu, Director of Monitoring & Evaluation at NCDMB, underscored the importance of upholding the law and mentioned executive orders passed by President Bola Ahmed Tinubu in this regard. He emphasized the need for capacity building before delving into capacity exportation.
Furthermore, Abdulmalik emphasized that local content involves the development and sustenance of capacity, extending beyond the oil and gas sector and even beyond Nigeria. He highlighted NCDMB’s support for AfCFTA, stating that local content represents value addition and that it must meet global standards.
Additional panelists included Dr. Ernest Azudialu-Obiejesi OFR, Chairman of Nestoil Limited; Henry Okolie-Aboh, Managing Director & CEO of Westfield Energy Resources; Olusegun Awolowo, Executive Secretary of the National Action Committee on AfCFTA (represented by Olusegun Olutayo, Senior Trade Policy and Law Expert/Lead Trade Enablement); and Engr. Dr. Emeka Okwuosa CON, Chairman & Group CEO of OILSERV Ltd (represented by Nadeem Hashmi, Group Executive of Energy & New Business, OILSERV Ltd).
