• Wednesday, July 17, 2024
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NESG: Executive Order 5 should be extended beyond oil, gas – Adubi

MicCom CEO leads local content talk at NOG Week

Bukola Adubi, the chief operating officer of MicCom Cables and Wires, has emphasised the need to extend the implementation of Executive Order 5 (EO5) beyond the oil and gas sector in Nigeria.

In a statement on Tuesday, Adubi was reported to have made the call on the margins of the just concluded Nigerian Economic Summit, held in Abuja.

The Summit had its theme as: “Pathways to sustainable economic and transformation and inclusion.”

Read also: At NESG summit, Tinubu vows to clear FX backlog

The EO5 was signed by former President Muhammadu Buhari in 2018 as part of efforts to promote local content in the country.

Adubi said that its application should be expanded to support Micro, Small & Medium Enterprises (MSMEs) and the private sector.

She said: “I understand there’s a lot of Executive Orders in play. The one that concerns me is Executive Order 5, which promotes Nigerian Content in contracts.

“It’s not being implemented, except in the oil and gas. There’s a lot to be done there. If we’re saying that we want to sustain MSMEs and the private sector generally, then you’ve to encourage them.

“If there’s an Executive Order in play, what’s the issue with the National Assembly turning it into a law?,” he asked.

Adubi also called for closer collaboration between the federal and state governments in terms of tax legislation, with the aim of creating an attractive business environment that encouraged investments.

She said that streamlining taxes and eliminating multiple taxation would help incentivise both local and foreign investors.

“This is important, especially concerning waivers. Sometimes, the Federal Government may give waivers, but because the state governments have their tax laws, businesses get overburdened with taxes that shouldn’t be there if there were synergies,” she said.

The MicCom boss, however, commended the Nigerian Content Development and Monitoring Board (NCDMB) for the effective implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

She, however, noted there was a need for additional laws to drive up local content development in Nigeria.

The chief operating officer also said this would further enhance the growth and sustainability of various industries.

Regarding foreign exchange, Adubi acknowledged the presence of fiscal policy challenges but expressed optimism about the recent lifting of the ban on the importation of 43 items by the Central Bank of Nigeria (CBN).

Read also: Nigeria needs serious reforms to trigger multi-trillion dollar economy – NESG

According to her, this policy change will have a positive impact on the value of the Nigerian currency, the Naira.

At the summit, sustainable economic and fiscal policies were extensively discussed, reflecting the country’s commitment to fostering inclusive economic growth and transformation.

“As one of the delegates, I’m hoping for a positive outcome from the government, based on discussions at the conference,” she said.