May 29, 2022

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AfCFTA: Local Content Drive Key to Deepening Sustainable Growth in Africa, Says Wabote – Legit.ng

  • The Nigerian Content Development and Monitoring Board has now moved local content in Nigeria to 42 percent
  • That’s less than five percent before the passage of the Local Content Act in 2010
  • The Executive Secretary of the Board, Engr. Simbi Wabote, has asked other African countries to emulate Nigeria in this regard

Texas – Engr Simbi Wabote, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), has emphasized that African countries must take advantage of the robust platform and opportunities offered by the African Continental Free Trade Area Agreement (AfCFTA).

According to him, the deal is key to advancing the local content narrative to achieve sustainable growth and development in Africa.

Wabote made the call while he was during of the African Local Content Collaboration Session at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, USA.

While praising the foresight of the League of African leaders in making the AfCFTA agreement in 2012, he noted that the AfCFTA to has become a trailblazer for deepening African local content practice across national borders to enable project delivery and natural content development Resources.

In his speech on the topic : “Cross-border service integration as a enabler for project delivery in the African oil and gas industry,” the NCDMB chief noted that the AfCFTA:

“Africa’s move to harmonize its markets for economic integration across all 55 member states with aiming to unlock over $3 trillion in gross domestic product.”

He noted that with the official launch of the AfCFTA and the focus on addre Given some of Africa’s ” Teething troubles” the prospect of opportunities for African businesses is gaining momentum, so in developing its own response to the prevailing challenges, Africa must ni

Engr Wabote commended the Petroleum Technology Association of Nigeria (PETAN) and other key stakeholders for bringing attendees at this year’s OTC together for a solid strategy session on African local content:

”Especially given the ongoing narrative of the energy transition and the changing dynamics of energy security around the world.”

< p class="align-left">He added:

< blockquote>“From Kenya to Malawi, from Uganda to Nigeria and across the continent. I’ve always seen AfCFTA as the practice of local content on a continental scale.”

During his presentation, Wabote said he drives local content in the oil and gas industry and everyone else In other sectors need to look at six key parameters.

He listed them: regulatory framework, gap analysis, capacity building, funding and incentives, research and development, and market access.

Wabote informed the assembly that the NCDMB has now increased the share of local content in Nigeria to 42%, from less than 5% before the Local Content Act 2010 was passed.

He therefore called on African nations and companies to use the opportunities and platforms of the AfCFTA.

Stakeholders call for solid financing to save Africa’s oil and gas industry

< p class="align-left">Meanwhile, interested parties gathered African Oil and Gas Industry Representatives in Lagos Monday 7 March at the African Local Content Investment Forum.

The event comprised three technical sessions designed to encourage stakeholder discussions on the future of the oil and gas industry on the continent.

Experts agree that a new business model had to be developed for the development of the hydrocarbon sector on the continent.

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Niger Delta: Youth , Stakeholders Task State Governments With Human Capacity Building

In a related development, as part of a conscious effort, young professionals have challenged the negative narrative of Nigeria’s oil rich Niger Delta region mandated the region’s governors to invest more in human capacity building.

They also advised governors to target opportunities for young people, especially entrepreneurs.

They also argued that governments in the region need to move away from the political tradition of just signing and awarding contracts, towards strategic empowerment and support for innovative creative minds in the region.