‘Local Content Policy ’ll Promote Indigenous Empowerment’

The Federal Governments
has declared that the local content policy was aimed at promoting indigenous empowerment and participation of Nigerians in the key oil and gas sector of the nation’s economy.
Speaking to newsmen in Enugu recently at the Enugu International Trade Fair, the Minister of Trade and Investment, Dr Olusegun Aganga said in the last four years, the implementation of the Local Content Act in the oil and gas sector has  ensured a significant increase in the participation of indigenous  oil and gas companies in the  industry.
Aganga said the level of indigenous asset ownership has greatly increased and utilization of Nigerian-owned and built assets such as marine vessels and rigs in being progressively achieved.
The minister was represented at the Trade Fair by a Director in the ministry, Mr Felix Oyakhilome.
He said government would create enabling environment to attract investors to the country and also ensure private sector investment thrive.
He explained that the existence of regulatory  and trade and investment promotion agencies like the Nigerian Investment Promotion Commission (NIPC), Standard Organisation of Nigeria (SON) as well as Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) is not only to boost the industrial capacity of Nigeria, but to engender the desired competitive edge on the global market.
The minister said that the country was making giant strides in the agricultural sector, which is being repositioned to diversify the economy.
Earlier, the President of Enugu Chamber of Commerce Industry, Mines and Agriculture (ECCIMMA) Dr Ifeanyi Okoye said the Enugu International Trade Fair was organised to expose the potentials of members of the chamber to competitive markets.
Okoye  said that trade fairs offer great opportunities for industrialists, investors, buyers and sellers to interact, exchange business ideas, and share experiences for investment promotion and general economic growth.