Yesterday, the Chairman of HeirsHoldings Oil & Gas Limited, Tony O. Elumelu CFR, attended the 2023 Annual Value Assurance Review organised by the NNPC Upstream Investments Management Services (NUIMS) held in Lagos. The forum focuses on reviewing key issues that shape the Nigerian oil and gas industry, with a focus on delivering long-term value to all stakeholders in the industry.
During the event, he delivered a speech on the “Critical Role of The Private Sector in the Development of Local Capacity for the Nigerian Oil & Gas Industry”. He emphasised the need for collaboration between the private sector and the government to create an enabling environment that would attract investments and promote the growth of the industry.
Mr. Elumelu emphasised the need for deliberate development and enhancement of local capacities. He said, “We know the current contribution of oil and gas to Nigeria’s economy today. However, I believe this can be improved upon by deliberate development and enhancement of local capacities at all streams of the hydrocarbon value chain.”
He further expressed his readiness to contribute towards developing local capacities and driving investment in the sector within an enabling environment. “I can attest that we are ready to contribute towards developing local capacities and driving investment in the sector once the right enabling environment for Nigerian businesses is provided.”
“Governance is extremely important in the development of capacity. The Petroleum Industry Act (PIA) objective is to ensure that the indigenous private sector succeeds. There must be clear governance structures that institutionalise monitoring, feedback, and accountability of operators in the oil and gas sector.” He added.
Finally, He highlighted the importance of technology in building local capacity in the oil and gas sector. “Technology is key. We are in the 4th industrial revolution, advances in Data analytics, and Artificial Intelligence is revolutionising industries across the world, and we must adopt them in our industry to build local capacity in the oil and gas sector.”
In conclusion, Mr. Elumelu’s attendance and contribution to the event highlight his commitment to the development of the Nigerian economy and the role of the private sector in achieving sustainable growth. His insights on the importance of private sector involvement in developing local capacity provide a roadmap for stakeholders to collaborate and drive long-term value in the sector.