August 2, 2018

Use local content Act for economic development, NACC urges Nigerian companies

By Naomi Uzor

The Nigerian American Chamber of Commerce (NACC)  yesterday urged Nigerian companies to use the Local Content Act to develop the nation’s huge natural resources for economic development.

The National President, NACC, Otunba Oluwatoyin Akomolafe,  disclosed this at the chamber’s August breakfast meeting themed: “The Role of Nigeria’s Local Content Policy and its Impact on Sustainable Economic Value Creation”, noting that the adoption of local content policy for the benefit of developing oil rich countries is hardly new as continuous debate has often centered on increasing the value added that local content can create within the oil industry.

Akomolafe who was represented by the vice president of the chamber, Mr. Ehi Braimah, said  that in Nigeria, the impact of the policy on local value creation has generated divergent speculation.

“As a foremost bilateral chamber of commerce, we believe in the extension of the local content drive and the immediate synergies for local development in other sectors,” he said.

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, announced plans to take the level of local content presently at 28 per cent to 70 per cent by 2027.

Wabote who was represented by the Director, Planning Research and Statistics, NCDMB, Patrick Obah, said key parameters required for sustainable local content include, incentives; capacity gap analysis; research and development and capacity building.

The Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, represented by the Deputy Director, Maritime Labour Services, Victor Egejuru, said the agency is working with NCDMB to identify gaps where the country lacked capacity and has also been providing waivers to Nigerian companies who import maritime related equipment to make them effective and competitive.