Capacity building for indigenous companies

Nigeria's oil and gas industry has seen significant transformation and progress in recent years, particularly in the realm of capacity building for indigenous companies. Simbi Wabote, the Executive Secretary of the Nigerian Content Development Monitoring Board, recently spoke with CNBC Africa to discuss the achievements and lessons learned in this sector. One of the key themes discussed during the interview was the successful transition in joint venture funding policies. Wabote highlighted the remarkable progress in this area, noting that the smooth execution of these policies has led to an increase in projects and production by oil and gas companies. This shift has also resulted in a boost in foreign exchange earnings for the country, signaling positive growth and investment opportunities. Wabote emphasized the importance of staying committed to government policies and seeing them through to fruition. He pointed out that the ability to follow through and maintain focus has been critical in driving the transformational agenda in the oil and gas industry. By staying the course, Nigeria has been able to overcome funding challenges and attract more local and international investments. Another key point of discussion was the success of local content initiatives in the oil and gas sector. Wabote highlighted the significant increase in Nigerian participation in the industry, with a jump from 3 percent to 30 percent within a span of seven years. This achievement has been made possible through the enactment of supportive laws and the commitment to building local capacities to handle major projects. Nigeria's efforts have resulted in the establishment of world-class fabrication yards and increased retention of investment within the country. In terms of capacity building and skills development, Wabote acknowledged the evolving nature of the oil and gas sector. He emphasized the need for continuous skill development to meet the technological demands of the industry. Wabote pointed out that building local content is a marathon, not a sprint, and requires a long-term commitment to address skills gaps and ensure sustainable growth. Overall, Nigeria's strides in building capacity for indigenous companies in the oil and gas sector are commendable. The commitment to policy implementation, local content development, and skill enhancement bodes well for the future of the industry and the economy at large.