Falade: Nigerian Content Act is working

The Nigerian Content Act is proving to be a game-changer for indigenous players in the oil and gas industry, as highlighted by the Managing Director and CEO of Aradel Holdings, Adegbite Falade. In a recent interview with CNBC Africa at the Practical Nigerian Content Forum, Falade emphasized that the Act goes beyond simply increasing the presence of Nigerian companies in the sector, but also focuses on deepening capacity and skill sets for local players. He commended the Nigerian Content Development and Monitoring Board (NCDMB) for its efforts in facilitating this shift, enabling companies like Aradel Holdings to thrive in the industry. Falade praised Aradel Holdings as a prime example of the objectives of the NCDMB, stating, 'Let me say that Aradel is a poster boy of what NCDNB stands for. It's about developing indigenous and local capacity. It's about in-country value retention. It's about building capacity and scale that then ensures that the industry is safe in the hands of local and indigenous operators.' He noted the significant progress made over the past two decades, with the number of indigenous operators increasing from a handful to over 30, signaling the effectiveness of the Nigerian Content Act. Looking ahead to 2025, Falade outlined Aradel Holdings' plans for consolidation and growth. The company aims to sustain its strong production performance, enhance operations across various business verticals including upstream, midstream gas, and refined products, as well as leverage recently acquired fields to boost steady production. The focus remains on maximizing existing assets while exploring opportunities for expansion and innovation. The success of Aradel Holdings and other indigenous companies in Nigeria's oil and gas sector serves as a testament to the positive impact of the Nigerian Content Act and the proactive role played by the NCDMB. By fostering local talent, skills, and capabilities, the industry is witnessing a shift towards greater self-reliance and sustainability. As local players continue to grow and evolve, the potential for international collaborations and exports becomes increasingly promising, showcasing the maturation of Nigeria's energy landscape. In conclusion, the Nigerian Content Act is not only driving economic empowerment and technological advancement within the country but also positioning Nigeria as a key player in the global energy market. With a clear focus on indigenous participation and capacity building, the future looks bright for the nation's oil and gas industry, with companies like Aradel Holdings leading the way in innovation and sustainable growth.