The President of Senate, Ahmad Lawan, says for Nigeria to experience exponential economic growth, tangible efforts must be made to strengthen the country’s local capacities, given the realities occasioned by COVID-19 pandemic.
Ezrel Tabiowo, his Special Assistant on Press, said in a statement that Lawan made the assertion in Abuja on Wednesday at the virtual opening of the Nigerian Content Summit.
The summit was jointly organised by the Senate Committee on Local Content and House of Representatives Committees on Content Development and Monitoring.
Lawan said that the summit, which was the first of its kind on a pre-public hearing stakeholders’ engagement, sought to stimulate public understanding of short and long-term implications of relevant bills before the National Assembly.
He said: “The bills, including the Nigeria Oil and Gas Industry Content Development Act 2010 (Amendment) Bill, 2020 (SB.417); Nigerian Local Content Enforcement Bill, 2020 (SB. 419); and the Nigerian Oil and Gas Industry Content Act, 2020 (Repeal and Re-enactment) Bill 2020 (SB. 420); are obviously to increase composite value addition.
“This value addition, expectedly developed from within, with the aid of local services and resources in the petroleum industry, should contribute to local capacity building, with considerations for the elements of health, safety and quality.”
Lawan reiterated the need to develop the nation’s local capacities.
“We need to also appreciate that our social and economic conditions need continuous reviews for development, with a good quantum of home-grown fundamentals, considering the new realities brought by the COVID-19 pandemic.
“The pandemic reminds us of the need for resource independence, the strengthening of local capacity and the importance of increasing indigenous variables in the oil and gas production, and in other areas.
“The overall aim of this is the promotion of industrialisation in the nation’s all-important oil and gas sectors, so as to enhance the wellbeing of those in the industry and the overall growth of the Nigerian economy.
“We are actually at a time where there is a need for more inward reflection, through the enhancement of internal capacity, towards productivity and efficiency for national progress.
“This is all to satisfy the yearnings and aspirations of the people,” he said.