Nigeria has nothing to lose from IOC divestments – Minister
The Minister of States for Petroleum Resources (Oil) Heineken Lokpobiri, says the Federal Government has got nothing to lose even as international oil companies are divesting.
Lokpobiri who spoke at the Nigerian Content Development and Monitoring Board’s PNC conference in Yenagoa, Bayelsa State, said the country has nothing to be afraid of as a result of the divestments.
According to him, the IOCs were not leaving the country, but relocating from onshore to offshore.
Lokpobiri explained that the assets vacated by the IOCs are being taken over by local operators.
“I can stand here proudly to tell you that we are experiencing divestments from onshore and shallow waters by IOCs, but Nigeria has got nothing to lose, we have royalties to taxes from the quality of services that we deliver to guarantee sustainability in our growth. Nigeria has nothing to fear, and that is predicated on the successes we have achieved over the past decade as far as local content development is concerned.
“These divestments are not acquired by foreigners, they are acquired by local communities. That underscores the level of achievement and the level of development we have achieved, as far as local capacity building is concerned.
“And I want to take this opportunity to also assure you that Nigeria has got nothing to worry about. No company is leaving Nigeria. No IOC is leaving Nigeria, they are going deep offshore. Those who are divesting are going deep offshore and leaving onshore and shallow waters for our competent Nigerian companies to continue to manage and sustain the growth,” he disclosed.
Speaking about local content, the oil minister recalled that African countries like Congo, Angola, Namibia, and others have approached to understudy the NCDMB.
“In 2010, I was part of those who passed a law in the National Assembly. I was privileged to be among those who conceived the idea that there has to be local content development. For us to grow on a sustainable basis, we need to have.a board like this. And I’m very proud to announce to you that anywhere I go in Africa, everybody wants to come around to understudy NCDMB.
“I was in South Africa a few weeks ago, and my colleagues from Congo, Angola, and Namibia, just to mention a few; all of them are thinking about coming to understudy how we have grown our local capacity in Nigeria. And I’ve told them that Nigeria is a very clear country. We will always provide leadership. We always share our own experience, knowledge, and technological development with them, so that together we can grow Africa,” he stated.
Lokpobiri maintained that “what is not possible in Nigeria is not possible in Africa,” adding that “the entire African continent is waiting for Nigeria.”
He stressed that the entire African continent can only grow on a sustainable basis if local content is successfully implemented today.
The former senator urged the NCDMB Executive Secretary, Felix Ogbe, to redouble his effort to sustain the gains made so far.
“It is the gains we made so far in the past decade that are making other African countries come to Nigeria to come and understudy us.
“I was like a shiny star in South Africa where several countries were coming to say they want to come to Nigeria to come and study how we develop the local capacity. And I say, come and you will pay for it. Not even in Freetown do you have a free lunch. When they come, we will make small money,” he stated.
