Nigeria Govt Urged To Strengthen Local Content Law

Posted by African Examiner Latest Headlines, News, Press Releases Thursday, May 7th, 2015

The chairman of Lee Engineering and Construction Company, Chief Leemon Ikpea, has called on the Nigeria Government to further strengthen the local content law to enable more indigenous companies, especially those in the oil and gas sector, participate in the development of the Nigeria economy.

Speaking to a group of senior editors, in Houston, Texas, on the sideline of the ongoing Oil Technology Conference, (OTC), Chief Ikpea said the step if enforced will help to further boost the economic powers of Nigeria and help tackle the nagging problem of unemployment in the country.

According to him, the jobs and other allied services, which are before now handled by foreign companies, will be handled by competent Nigerian companies thus creating opportunities for them to become big players in the oil and gas sector as well as other sectors of the econmy with the utilisation of local content materials including the abundant human resources in the country.

He said “My own view about this local content issue is that when you give indigenous companies the opportunity to play in the oil and gas sector, as well as in other sectors of the economy, Nigeria will be better for it because the indigenous companies would be able to support the government in tackling the problem of unemployment,” adding that “the nation will also be saved capital flight as well as help boost our foreign reserve. The monies that would have been entering the hands of foreign companies will now be domiciled in Nigeria.”

The Esan born businessman, who was a fortnight ago conferred with an honorary doctorate degree in business administration by the Ambrose Ali University, Ekpoma said ” I am able to be where I am today because the nation gave me the opportunity to participate in business. I fully support the local content law and urged the administration of our new president to do more to empower Nigerians who are willing and qualified to work in the oil and gas sector as well as other sectors of the economy. On the long run, Nigeria and the Nigerian people are going to be the ultimate beneficiaries”.

While thanking President Goodluck Jonathan for passing the bill into law, Chief Ikpea urged Nigerians to support the administration of President-Elect Mohammadu Buhari to enable him bring the dividends of democracy to the Nigerian people.