Ogunsanya: Local content key to Nigeria's global energy competitiveness

Nigeria, a major player in the global oil and gas sector, is focused on advancing its industry through local content development. Wole Ogunsanya, the Chairman of the Petroleum Technology Association of Nigeria, recently emphasized the crucial role that local content plays in not only propelling Nigeria's oil and gas sector forward but also in fostering regional economic growth. In an exclusive interview with CNBC Africa, Ogunsanya highlighted the significance of building in-country capacity across the entire value chain and leveraging bilateral agreements to expand Nigerian businesses into global markets. One of the key points raised by Ogunsanya in the interview was the importance of developing local content to drive Nigeria's energy competitiveness on a global scale. By enhancing local capabilities and expertise, the country can reduce its dependence on foreign resources and technologies, leading to a more sustainable and self-sufficient energy sector. This shift towards local content development aligns with Nigeria's vision for economic diversification and industrial growth. Furthermore, Ogunsanya underscored the critical need for expanding in-country capacity across the value chain. From exploration and production to refining and distribution, investing in local resources and talent is essential for the long-term sustainability of Nigeria's oil and gas industry. By building a strong domestic workforce and infrastructure, the country can enhance operational efficiency, reduce costs, and create more opportunities for local businesses and communities. Additionally, Ogunsanya emphasized the importance of leveraging bilateral agreements to facilitate the expansion of Nigerian businesses into global markets. By forming strategic partnerships with international companies and governments, Nigeria can access new technologies, markets, and investments. These collaborations not only promote knowledge transfer and skills development but also open doors for Nigerian companies to showcase their capabilities on a global stage. In conclusion, the focus on local content development is vital for Nigeria's energy competitiveness and overall economic growth. By strengthening in-country capacity, leveraging bilateral agreements, and embracing the potential of local businesses, Nigeria can position itself as a key player in the global energy market. As the industry continues to evolve, investing in local talent and resources will be essential for achieving sustainable growth and prosperity.