- Economic experts have continuously stated that local content requirements impact a society's economy positively
- These requirements are policies imposed by governments that require firms to use domestically-manufactured goods or services
- In Delta, Governor Ifeanyi Okowa has kick-started an initiative that would ensure local content policy is sacrosanct
Delta governor, Senator Ifeanyi Okowa, has stated that a local content policy is critical in his administration's quest to industrialise the state.
The governor made the comment on Thursday, January 21 in Asaba, the Delta state capital while swearing-in the newly appointed director-general of the Delta State Local Content Agency, Mr. Morris Idiovwa.
At the event, Governor Okowa charged authorities of the agency to enthrone transparency and strict adherence to enabling law in its operations to enable it to attain its mandate.
A statement from the Delta state government seen by Legit.ng noted that Governor Okowa urged the director-general to be transparent, selfless, disciplined, fair, and firm and focus on the goals of the agency.
Okowa explained that local content was the value that companies or industries brought to national and sub-national economies.
According to him, such value is assessed in terms of employment of the locals, sourcing raw materials from the environment in which the companies operate, and patronising local contractors as a matter of obligation.
“This is especially so when it involves extractive industries. Aside from employment generation, available evidence indicates that local content development engenders industrialization, facilitates economic inclusion, and enhances the ease of doing business.”
The governor said that the agency would among other things, put in place a framework to enhance the ability of local indigenous companies to exploit local opportunities while staying competitive.
In his acceptance speech, Idiovwa pledged to ensure that the vision of the programme was achieved through the input of stakeholders.
He thanked Okowa for finding him worthy to serve, emphasising that with the inauguration, the state would enjoy inclusiveness as far as the local content law was concerned.
As part of its industrialization plans, the Okowa administration is building a world-class Agro-Industrial Park in Aboh-Ogwashi in Aniocha South local government area of the state.
Experts say the facility would be a catalyst for economic transformation in the oil-rich state.
Similarly, Africa’s first and largest multi-industry local content industrial complex is set to berth in Delta state.
The facility is owned by DELFRASCO Industries Limited and located in Issele-Uku, Aniocha North local government area of the state.
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