The National Vice-Chairman, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Okoronkwo has said that the Nigerian Local Content Development Law would enhance indigenous participation in the oil and gas sector.
Okoronkwo told newsmen in Lagos last week that the law had increased the level of acceptability of local oil companies’ services to the equivalent of multinational companies.
He noted that the local content law was just an enabler of the process and companies must “set out to use the law.’’
The National Vice-Chairman, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Okoronkwo has said that the Nigerian Local Content Development Law would enhance indigenous participation in the oil and gas sector.
Okoronkwo told newsmen in Lagos last week that the law had increased the level of acceptability of local oil companies’ services to the equivalent of multinational companies.
He noted that the local content law was just an enabler of the process and companies must “set out to use the law.’’
Okoronkwo, however, said that raising the requisite finance remained the major challenge “the banks need to understand.”
According to him, other challenges included retaining the best talents in the sector and ensuring deliverance on investment and training.
“The objective of the implementation of Nigerian Content Law and capacity building of the companies was to be able to compete for jobs being awarded by the international oil companies (IOCs). “Most indigenous companies have broken the barriers and perception that the international oil companies used to have toward Nigerian companies,’’ Okoronkwo said.
“I think it is illegal for IOCs to reject indigenous companies from participating or playing their roles on the local scene if we can demonstrate capacity.
“Also, our companies should not be rejected if we have the equipment to get jobs and perform them well,’’ he added.
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