The Minister of State for Petroleum, Dr. Ibe Kachikwu; the Executive Secretary of the Nigerian Content Developing and Managing Board (NCDMB), Engr Simbi Wabote and Oando Plc’s Group Chief Executive, Wale Tinubu, have stressed the need for increased investments in Nigeria’s oil and gas sector.
The all spoke at the recently concluded 25th edition of the Africa Oil Week (AOW) that took place in South Africa.
The spoke extensively on Nigeria’s local content development approach and its overall contribution towards the African oil and gas industry. Oando, one of Nigeria’s leading oil and gas companies led several discussions during the course of the week. In addition to being a platinum sponsor, delegates from the company provided the Nigerian business perspective on various panels.
Speaking on an economic outlook panel titled: “Can Africa’s upstream play a significant role in the context of the global and regional energy landscape,” Tinubu was quoted to have said: “We have been substantially supported by the Government’s local content policies which have effectively enabled indigenous players step in and play a significant role in the sector. In Nigeria today, out of the two million barrels of oil being produced, 400,000 can be attributed to indigenous production.”
Kachikwu also spoke on the oil sector’s impact on the Nigerian economy. He said: “The oil sector has been a catalyst for growth in the Nigerian economy. It has also driven technology. Privately owned companies in Nigeria have gotten to a point where they can go to other African countries as investors and service providers.”
Source: THIS DAY