Nigeria's success in Local Content is African oil producing countries' gain

Nigeria’s success in Local Content is African oil producing countries’ gain

0

Peace Obi

The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu has said that Nigeria’s success in driving her local content policy has paved the way for the deployment of local capacities, greater participation of indigenous companies and would ultimately improve the economies of African Petroleum Producers.

Speaking yesterday during the ministerial panel of the petroleum ministers from African countries at the ongoing African Oil Week in South Africa, Kachikwu noted that the good implementation of Nigeria’s local content policy has encouraged increased indigenous companies’ participation in the country’s oil and gas sector.

The Minister stated that the positive impact of the NOGICD Act implementation in the country is felt in other sectors of the country’s economy.

The ministerial panel which had its discussion centred on the National Energy Strategies with a focus on the competitive nature of domestic energy, Oil and Gas sector, Kachikwu said he was excited that Nigeria’s success in Local Content is having positive impact on other sectors of Nigerian economy.

“I am excited that Nigeria has successfully driven the local content mix, encouraged local participation in the oil and gas sector and this has ultimately resulted in a positive effect in other sectors of the Nigerian economy.

According to him, Nigeria’s gain from her Local Content policy would invariably chart a new path for the continent’s improved participation in exploration and refining of her oil.

“This collaboration has charted a new path that would ensure that African Petroleum Producers compete favourably in the global oil and gas sector while also ensuring an increased in-country processing and refining of crude oil amongst producing countries in Africa.

“The oil sector has been a catalyst for growth in the Nigerian economy and opened frontiers across the globe.

“It is worthy of note that Nigeria has played key roles in the leadership of African Petroleum Producers Organisation which has fostered meaningful collaboration. Nigeria has played leadership role in the African Petroleum Producers Organisation in fostering collaborations,” he said.


Get timely updates on Local Content and other Energy industry related news

Leave A Reply

Your email address will not be published.