Communique from the 4th Africa Oil Governance Summit, 2018

At the gathering of the 4th Africa Oil Governance Summit in Accra on 13th and 14th November 2018, it was concluded that local content is a great tool for developing the domestic economies, promoting local work force, and championing industrialization and regional integration of the African continent. The reality, however, depends on the extent of African countries’ preparation for, as well as effective implementation, monitoring, and evaluation of local content efforts at the national, sub-regional, and regional levels. The challenges of local content achievements were widely discussed. These are summarized to include low capacity levels of local human resources and businesses; under-representation of women and persons with disability in accessing local content opportunities; ownership syndrome/culture of business where businesses want to go solo instead of building partnerships to create economies of scale; limited access to finance; difficulty in integrating the oil and gas industry, through local content, into the rest of Africa’s productive economies; overambitious targets of local content requirements; and poor coordination among countries to achieve industrialisation and regional integration.

Post a comment

Your email address will not be published.