The adoption and implementation of local content policies in key sectors of the Nigerian economy will address the high unemployment rate in Nigeria.
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engineer Simbi Wabote, made this assertion in Port Harcourt, Rivers State at an event organized by the Institute of Directors (IoD), Nigeria, where he made a presentation as the guest speaker.
In his presentation titled, ‘Addressing Unemployment: Local Content Option’, Wabote lamented that for many years, until lately, Nigeria had regarded crude oil as a commodity, instead of a resource – a situation which resulted in the loss of all in-country value adding activities and opportunities to capture the full benefits of the derivatives of crude oil.
He noted that the enactment of the Local Content Law in the oil and gas industry and its implementation have become a game changer, helping Nigeria to claw back work, services and fund that used to leave the country to other parts of the world.
He reiterated that the essence of local content policy is “domiciliation and domestication”.
Stating that the oil and gas sector is not a huge employer of labour, compared to agriculture, the executive secretary commended the current emphasis on agriculture and diversification by the Federal Government led by President Muhammad Buhari.
Earlier in his opening remarks, the Director-General and CEO of IoD, Nigeria, Mr. Dele Alimi, indicated that the institute exists to promote good corporate governance.
Similarly, the Chairman, Port Harcourt Zone of IoD, Sir Innocent Harry, in his welcome address stated that the institute was interested in finding solutions to the problem of youth unemployment hence the decision to invite the guest speaker.