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‘Over $5b Derivable From Local Content Implementation’

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  • ‘Over $5b Derivable From Local Content Implementation’

The implementation of the local content initiative would attract over $5billion into the economy, the Vice President, Nigerian-American Chamber of Commerce (NACC), Ehi Braimah, has said.

Braimah spoke during the August Breakfast Meeting of the Chamber titled: The role of Nigeria’s local content policy and its impact on sustainable economic value creation added that it will create employment for youths especially with the abundant natural and mineral resources in the country.

He said there were synergies the local supply chains for human and material resources could benefit from the progress in the oil and gas industry, the Information Communications Technology (ICT), maritime, agriculture, manufacturing, engineering, power, finance and insurance through skill transfer, collaborations, logistics, funding and strategic capabilities.

According to him, the country had already achieved a significant level of backward integration, in the cement sector with over 80 per cent of the materials for production sourced locally, adding that there have been several policies to promote backward integration in food processing.

He said the regulatory role of local content is to enable access to benefits of a country’s natural resources for economic development and distribute wealth generated to the larger populace.

The policy is also seen as a strategy to increase the participation of local firms in the value chain of various sectors; improve logistics and create more employment opportunities for the indigenous workforce. It is considered to be an important contribution to the extractive sector than its direct contribution to economic growth, he added.

“It must be stated that Nigeria has long experience of local content policy in the oil and gas sector with the establishment of the Nigerian Oil and Gas Industry Content Development Act in 2010.

“The Act, being enforced by the Nigerian Content Development and Monitoring Board, sets the minimum target for Nigerian participation in over 200 categories of oil services with the aim of fostering backward and forward linkages,” said Braimah.

According to him, the adoption of local content policy for the benefits of developing oil rich countries is hardly new but the continuous debate has often centred on increasing the value added that local content could create within the oil industry.

The level to which local policy can achieve this goal in some of these countries may not have been ascertained in Nigeria, the impact of local policy on local value creation has generated divergent speculations, he added.

He restated commitment of the chamber to the extension of the local content to other sectors of the economy.

Nigerian Content Development and Monitoring Board (NCDMB) Executive Secretary, Simbi Wabote, who was represented by the Director, Planning, Research and Statistics, of the board, Patrick Obah, said tremendous success was visible in the fabrication, training, vessels acquisition, manufacturing, pipe coating, among others, adding that topside integration of the Egina FPSO, the first in country is being witnessed.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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