Nigerian oil sector gets boost as indigenous companies gear up to meet presidential directive

In response to the Presidential directive to boost oil production and elevate Nigeria’s energy capabilities, an indigenous oil company is gearing up to tackle the challenges hindering progress in the sector.

To move forward, Solewant Group is urging the Federal Government, the Nigerian Content Development and Monitoring Board (NCDMB), and other relevant agencies to fully implement local content laws in Nigeria.

The company’s Group Managing Director, Solomon Ewanehi, made this plea in Port Harcourt, stressing that the laws are crucial in protecting indigenous companies and reducing capital flight.

According to Ewanehi, services that can be fully rendered in Nigeria are still being shipped in, incapacitating local companies and encouraging capital flight.

The Nigerian Oil and Gas Industry Content Act was signed into law in 2010 to ensure that Nigerian local capacity is fully exhausted before seeking foreign alternatives.

However, it appears that this law is not being fully implemented, leading to the continued reliance on foreign services.

He said the development has significant implications for the nation’s economy, as it leads to a drain on foreign exchange and hinders the growth of local industries.

Ewanehi spoke during a Pre-Press briefing for the firm’s 8th Energy Summit, scheduled to hold at Solewant Industrial Area, Alode Eleme, Onne, Rivers State. The summit, themed “Pioneering Technology and Innovation for Transition to Sustainable Energy Development in Africa,” aims to drive technological innovation in the country and Africa at large.

Represented by Dr. Benjamin Ubleble, Executive Secretary, Solewant Energy Training Institute, Ewanehi said the event will bring together state actors, industry leaders, oil and gas experts, academics, innovators, and technology providers to exchange ideas, showcase breakthrough developments, and build partnerships that drive growth and efficiency across the energy sector.

He said: “The summit is designed to respond to the need for technological innovation and sustainable energy development in Africa. It will focus on three key objectives: driving technological innovation, strengthening policy and regulatory support, and fostering collaborative partnerships.

“The event will feature panel discussions on new technologies in digital transformation, automation, robotics, and green energy innovations, as well as sessions on policies that can encourage investment in Nigeria’s energy sector.”