Nigeria Hosts Africa Local Content Roundtable for Oil & Gas Sector Transformation
In a critical gathering aimed at revitalising the African oil and gas sector, 18 African Petroleum Producers Organisation (APPO) member countries are participating in the third edition of the Africa Local Content Roundtable.
Hosted by the Nigerian Content Development and Monitoring Board (NCDMB) in Abuja, this two-day event centres on “Enhancing Local Content Development and Deployment in the African Oil and Gas Industry.”
The event kicked off with a keynote address from Simbi Kesiye Wabote, the Executive Secretary of the NCDMB.
He challenged delegates to devise strategies that promote research and development within Africa and secure additional funding sources to address the sector’s challenges effectively.
Wabote emphasised the need to leverage opportunities created by the Africa Continental Free Trade Agreement (AfCFTA), which has established a vast market of 1.3 billion people.
He urged participants to propose solutions for implementing local content and overcoming funding constraints within APPO member countries.
The APPO Roundtable brings together key players, stakeholders, and experts in the African oil and gas sector to tackle pressing issues, seek solutions, and harness the potential of the continent’s abundant natural resources for the benefit of its people.
Among the immediate priorities discussed were the development of regulatory frameworks, human capacity enhancement, research and development, manufacturing, funding, and cross-border partnerships.
Wabote urged participants to pioneer a new era of local content development and implementation within the African oil and gas industry.
The Secretary-General of APPO, Omar Farouk Ibrahim, stressed that African oil producers should utilise their hydrocarbon resources to alleviate poverty.
He highlighted funding, technological expertise, and market access as major challenges that APPO is addressing to make the continent self-reliant.
African nations have historically depended on foreign investments for their oil and gas businesses, and APPO aims to change this dynamic.
He pointed out that Africa must use its readily available energy sources to improve living conditions and lift people out of poverty. Collective action, as demonstrated by the roundtable, is the key to success in this endeavour.
Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), noted that APPO’s collective responsibility revolves around the responsible management of the oil and gas sector.
Collaboration is essential for sustainability and driving economic benefits for the continent.
The roundtable, initially hosted by the NCDMB in 2021, was institutionalised as an APPO project following its successful inaugural edition.
It aims to advance local content development across Africa by raising awareness of its importance, formulating supportive policies, and enhancing the capabilities of local players in the oil and gas value chain.
This collaborative effort sets the stage for revitalising the African oil and gas industry, enhancing local content, and ensuring long-term sustainability.
As the continent harnesses its vast natural resources, it moves towards economic growth and energy security.
Source: Premium Times
