• Friday, March 01, 2024
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Africa’s Oil-producing countries to meet in Nigeria to brainstorm on innovative solutions

Oil firms’ debts surge most on devaluation, near N10trn

Critical stakeholders and experts in Africa’s Oil & Gas industry are set to converge in Abuja, Nigeria’s capital, for the 3rd edition of the African Local Content Roundtable to review innovative approaches to drive Local Content development and sustainability of Africa’s hydrocarbon resources.

The event is primed to create a forum for oil-producing countries and drivers of Local Content in Africa to hold discussions on innovative ways to tackle the growing challenges facing the continent’s Oil & Gas industry, especially in the face of Energy Transition.

Read also: To solve energy poverty in Africa, keep drilling oil — NJ Ayuk, AEC Chairman

The African Local Content Roundtable which is sponsored by the NCDMB, and has African Petroleum Producers Organisation (APPO) Member Countries as partners, will aserve as a platform for stakeholders to proffer solutions to these challenges, some of which has been identified as: funding, poor infrastructure, human capacity development and uncertain regulatory framework.

The organisers said that the objective of the event which is scheduled to hold between October 25 and 26, 2023, at Fraser Suites, Abuja, is to spur Local Content officials and experts in Member Countries to review the approaches and regulations employed to drive Local Content along the value chain of Africa’s Oil & Gas industry, and address the imminent challenges facing the industry.

Omar Farouk, APPO Secretary General has been proactive in seeking best practices in Local Content implementation across Africa. During a tour of Member Countries’ training institutions, the APPO Secretariat visited the Tower and facilities of the NCDMB in Yenagoa, where important policies and relevant practices are being implemented.

In May 2022, the African Export-Import Bank (Afreximbank) signed an Agreement with the African Petroleum Producers Organization (APPO) to collaborate on the establishment of an African Energy Bank in support of an Africa-led Energy Transition strategy.

At the maiden edition of the African Local Content Roundtable, oil-producing countries in Africa jointly agreed that funding remains critical to driving Local Content in Africa. This was even as the Executive Secretary of the NCDMB, Engr. Simbi Wabote made the recommendation for the establishment of the Africa Energy Bank.

Similarly, at the second edition of the African Local Content Roundtable which was held by the sidelines of the 8th African Petroleum Congress and Exhibition (CAPE VIII) in Luanda, Angola, between May 16 & 19, 2022, Local Content drivers in Africa advocated for a robust approach to foster more home-grown sustainable technology solutions and drive deliberate investment in Research & Development, with the focus on building a more realistic economic framework for sustainability and professional capacity across the African continent.

Read also: No plan to change current crude production output – OPEC

The yearly series of the Roundtable which was conceived and first hosted by the Nigerian Content Monitoring and Development Board (NCDMB), was subsequently institutionalized as an APPO Project following the huge success of the inaugural edition held between June 3 and 4, 2021, at the NCDMB Towers in Yenagoa, Bayelsa State, Nigeria. The event is facilitated by Heritage Times (HT).