shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » AfCFTA Key To Achieve Africa Local Content Strategy – NCDMB

AfCFTA Key To Achieve Africa Local Content Strategy – NCDMB

by Joshua
February 15, 2023
in Featured, News

The Nigerian Content Development and Monitoring Board (NCDMB) says the African Continental Free Trade Agreement (AfCFTA) presents a critical legal framework that can be leveraged to achieve the collaborative local content strategy in Africa.

Mr Simbi Wabote, the Executive Secretary of the Board, said this at the ongoing 7th edition of the Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos on Tuesday.

He said that the main objectives of the strategy were to explore ways to breakdown barriers, promote cross-border collaboration amongst governments and businesses, provide peer review mechanisms, and share experiences and ideas on industry sustainability and growth.

Wabote, said for the strategy to work, there is need to address, legal framework, funding, infrastructure, human capacity development, and research and development.

According to him, the advent of AfCFTA created the world’s largest free trade area by integrating 1.3 billion people across 54 African countries, with the objective of tapping into a combined Gross Domestic Product (GDP) of over 3 trillion dollars.

According to him, there is collaboration platform that will present gains to the entire African continent and it is in recognition of the  opportunities that AfCFTA presents that Nigeria has started working towards unleashing the collaboration potentials.

He recognised the AfCFTA as the practice of local content on the continental level and commended the foresight of the League of African Leaders who adopted AfCFTA in 2012 at the 18th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU) in Addis Ababa, Ethiopia.

Speaking on investment in infrastructure, he said that had a significant impact on the economic growth of any nation.

Wabote cited a study carried out in 2020 by GI Hub found that the economic multiplier for public investment, including infrastructure, was one and a half times greater than the initial investment in two to five years.

“This is much higher than other forms of public spending.

For instance, he said that the Dangote Integrated Refinery and Petrochemical Company, with an installed capacity of 650,000 barrels per day (bpd), which is expected to come on stream within the year, will afford Nigeria and other African countries the partnership opportunities for sourcing petroleum products and fertiliser.

Also, the recently commissioned Lekki Free Zone and facilities like the SHI-MCI FPSO Fabrication/ Integration in Lagos equally presents opportunities for collaboration for the construction of FPSO and other offshore oil and gas facilities.

“These infrastructures and others that exist in various parts of the African continent provide massive opportunities for cross-border energy collaboration among African countries.

“Similarly, infrastructure like the West Africa Gas Pipeline (WAGP) and the ongoing AKK gas transmission infrastructure provides a means for serving regional and African markets.

“The developmental strategies to start from a cluster within a country and grow organically across borders continue to work well in the provision of roads, gas pipelines, fiber-optic cables, railways, and other infrastructure across the continent,” the executive secretary noted.

He told participants at the event that the Board was developing across seven locations in Nigeria, adding that “this represents one of the ways it is providing infrastructure for the manufacturing of components to serve local and regional markets in a collaborative way”.

He said, “We are on track to complete major construction works at the sites by end of this year.

“Let me use this opportunity to invite interested businesses and investors in the area of manufacturing in any of these industrial parks to contact the Board for allocation of plots for development.”

shippingposition

Kindly like us on Facebook/twitter


Related Posts

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025
Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

July 12, 2025
NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

July 12, 2025
NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

July 12, 2025

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition