Miss. Bassey Adie, MD of Loyz Marine Services speaking in a panel session at NOG Week 2024 Conference.
Bassey Adie, the Managing Director of Loyz Marine Services, a marine logistics and service company supporting energy and international shipping operations in Nigeria, participated in a panel discussion at NOG 2024.
Speaking on the topic “Exploring Nigerian Content Solutions to Meet Energy Demand,” Miss Adie emphasized the critical role that Nigerian content plays in the oil and gas sector while promoting inclusive growth initiatives.
The discussion centered on Section 106 of the NOGIC Act, which defines Nigerian content as the value added to the Nigerian economy through systematic development of capacity and capability through the deliberate utilization of local resources within the oil and gas sector. The importance of value addition, systematic development, and the removal of barriers to foster genuine Nigerian content development was underscored.
“We must address systematic barriers to prevent indirect monopolies, which can lead to increased production costs, limited innovation, and reduced productivity,” she emphasized. “Indigenous companies have thrived and built capacity over time due to local content policies, ensuring deliberate utilization and enhancing competitiveness.”
She further commended the Nigerian Content Development and Monitoring Board (NCDMB) for its Strategic Roadmap aimed at achieving 70% local content in the oil and gas sector by 2027, building on the current achievement of 54% in 2022. Discussions emphasized the importance of partnerships, collaboration, and knowledge transfer in achieving sustainable growth and competitiveness.
Miss Adie highlighted NCDMB’s commendable initiative in establishing the $40 million fund for women entrepreneurs, noting that Loyz Marine has successfully accessed the fund. This success story provides confidence to other women entrepreneurs seeking to invest in the traditionally male-dominated sector. “Discussions are ongoing with NEXIM Bank and NCDMB to streamline the fund and make it more accessible to other women entrepreneurs who meet the very strict vetting process,” she emphasized.
“While commendable progress has been made, critical issues remain, such as the underrepresentation of women vendors in the oil and gas supply chain, who currently comprise less than 10% of the entire industry,” noted Bassey Adie. “NCDMB needs to be intentional about diversifying the vendor value chain to promote true Nigerian content and create equitable opportunities for women entrepreneurs.”
She further emphasized the need for an enabling business environment and effective monitoring to ensure compliance with local content regulations across the board and ensuring stakeholder engagement in the implementation of the executive order of Mr. President. She reiterated that these efforts are essential for fostering a robust, inclusive, and competitive oil and gas industry in Nigeria.
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