By Barth Ikiebe in Abuja.
The Federal Government has reaffirmed its commitment to strengthening Nigeria’s economy by supporting indigenous oil and gas firms, with a particular focus on enhancing local manufacturing and industrial capacity.
Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this declaration on Tuesday during his visit to the operational base of Lee Engineering & Construction Company Limited in Warri, Delta State.
Accompanied by Mr. Donald Wokoma, Registrar/CEO of the Equipment Leasing Registration Authority (ELRA), Edun toured the company’s advanced fabrication yard, applauding its role in driving local content development and reducing Nigeria’s dependence on foreign expertise and materials.
He reiterated President Bola Tinubu’s administration’s commitment to fostering indigenous production, emphasizing that supporting local industries is crucial for job creation, economic expansion, and reducing capital flight.
Edun further highlighted the economic impact of reviving domestic crude oil refining, noting that local refining would not only ease pressure on foreign exchange reserves but also create an industrial supply chain that benefits various sectors, from manufacturing to energy.
Responding to requests from Lee Engineering for increased government backing, Edun assured the company of policies aimed at easing access to financing, infrastructure, and incentives to enable indigenous firms to compete globally.
“The Renewed Hope Agenda prioritizes industrialization, which is fundamental to achieving sustainable economic growth,” Edun stated.
Similarly, Wokoma commended the government’s initiative, stressing that fostering local content in the oil and gas sector would lead to a more resilient economy.
“We appreciate the Minister’s visit and his recognition of our contributions to national development. Strengthening indigenous businesses is key to industrial growth and long-term economic stability,” Wokoma said.
Lee Engineering, under the leadership of Founder and Group Chairman, Dr. Leemon Ikpea, is a major player in Nigeria’s Engineering, Procurement, Construction, Operations, and Maintenance (EPCOM) industry, serving the oil, gas, and power sectors.
According to the ministry’s spokesperson, Mr. Mohammed Manga, Edun’s visit underscores the government’s determination to build a self-sustaining economy through indigenous enterprise empowerment and increased local content participation.
“As the government continues its economic transformation agenda, stronger collaboration between the public and private sectors is expected to drive innovation, enhance industrial productivity, and position Nigeria as a competitive player in the global energy market,” Manga stated.
This renewed commitment to indigenous firms aligns with broader economic diversification efforts, reinforcing Nigeria’s goal of reducing its reliance on crude oil exports while maximizing value-added industrial activities.
Edited by Dada Ahmed.
