Petroleum Technology Association of Nigeria (PETAN) and the Lagos Deep Offshore Logistics Base (LADOL) have expressed confidence that the declining crude oil prices pose great opportunities for patronage of indigenous companies.
The oil price has now fallen by more than half since June of 2014 when it was $110 per barrel, hovering between $27 and $40 a barrel in the last three weeks.
They believed that the current unpleasant situation in the oil market would assist in promoting local content policy in the country.
To this end, the LADOL and PETAN decided to collaborate in the area of human capacity development for Nigeria’s oil and gas sector.
Speaking during a facility tour of LADOL’s free zone in Apapa, the Chairman of PETAN, Emeka Eneh, who led other top officials of the association, said for the Nigerian economy to take the expected sixth position in the world by 2050, businesses in the country have to talk to businesses for the creation of real value.
Eneh said for the country to grow value-added local content, all the players in the different sectors of the Nigerian economy needed to connect and align forces in such a way that they could create value-added opportunities for growing and industrialising the country’s economy.
“Nigeria’s economy in 2050 will be the sixth largest economy in the world, ahead of South Korea; ahead of Canada and ahead of Italy. For that to happen in a country like Nigeria, it has to happen by connecting the dots of the economic engine in a way that creates real value. There is no other way; you can’t legislate it; you can’t imagine it; you can’t politically create it; it has to be done by business talking to business,” Eneh said.
Eneh noted that Nigeria has demonstrated that her private sector is probably one of the most vibrant private sectors anywhere in the world, adding that if the country’s private sector is allowed to run their thing, Nigeria’s economy would move forward.
“So, if we are going to grow value-added local content, all the players in different sectors need to connect and I think this is primarily the driving force. We should align force in such a way that as an industry, we can create value-added opportunities for growing and industrializing our economy,” Eneh added.
The Managing Director of LADOL, Amy Jadesimi said it is key for LADOL to collaborate with PETAN, adding that human capital is also key for the survival of the industry.
She said over 500 Nigerians were working at the company’s project, adding that the number could double by the middle of this year.
Also, LADOL’s Executive Director in charge of Business Development, Jide Jadesimi noted that a key factor in the collaboration between LADOL and PETAN is the abundant young population in Nigeria.
“In that same time in the next 20 years, we will be number eight in the world in terms of the young population under 25. So, to my mind, we have no choice. Now is the critical time in our development, when we can invest in the training and skill development of young people, so that when that time comes, we will actually be uplifted in terms of the world ranking and so on and so forth,” he explained.