The executive secretary of the Nigeria Content Development Board, Engr Emeka Nwapa, has observed that the Nigerian manufacturing industry’s capacity of local contents in oil and gas is still at 35%, despite efforts by the government to ensure that the manufacturing industry in Nigeria improves and favorably compete with industries in the International community.
Speaking at the just concluded Nigeria Oil and Gas conference, Engr, Nwapa said Nigerian Manufacturing industries are currently being run with machineries brought in from different parts of the world, he added that, “Our partial Nigeria content is at 70 to 87% while our real content, which is based on proportion of contract sums spent on Nigerian made good is 12 to 18%.
“This is considerably very low, and it is a major factor to lack of investment opportunities, underdevelopment and unemployment. We have decided to neglect human capacity development which is essential to the development of the sector, and we have focused on revenue derived. Presently, we still seeking foreign partners in rebuilding our refineries,” he said.
He added that it is now compulsory for foreign and local investors interested in establishing business places in Nigeria to patronize local industries.
Engr. Nwapa decried the misinterpretation of the content act by foreign investors, saying that the law is not meant to drive out foreigners but for better collaboration, which according to him will help produce greater result.