"They Deserve it" EO5 Should be Extended Beyond Oil And Gas, Cable Company Boss Says

"They Deserve it" EO5 Should be Extended Beyond Oil And Gas, Cable Company Boss Says

  • Olubukola Adubi, the MicCom Cables and Wires COO, has asked the Nigerian government to extend Executive Order 5 beyond the oil industry
  • She said the move will spur growth among MSMEs in Nigeria and encourage participation
  • He revealed this at the just concluded conference by the Nigeria Economic Summit Growth

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The Chief Operating Officer (COO) of MicCom Cables and Wires, Bukola Adubi, has called for implementing Executive Order 5 (EO5) beyond the oil and gas sector.

She made the call in an interview with journalists on the margins of the 29th edition of the Nigerian Economic Summit, which was held in Abuja recently.

MicCom, NESG, EO5
Olubukola Adubi, COO, MicCom Cable and Wires Credit:@MicCom
Source: UGC

To deepen local content in the country, former President Muhammadu Buhari signed Executive Order 3 (EO3) in 2017 and EO5 in 2018.

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Go beyond oil and gas to spur growth

Speaking specifically on EO5, Adubi stated that its implementation beyond the oil and gas sector would help sustain the MSMEs and the private sector.

BusinessDay reported that Adubi said that to incentivize the business environment in Nigeria and make it more attractive to investors, she called for partnership between the federal and state governments on tax legislation.

She stated that that this would help to streamline taxes and eliminate multiple taxation.

Adubi commends regulators

The MicCom boss, however, commended the Nigerian Content Development and Monitoring Board (NCDMB) for the effective implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act but noted that more of this kind of law is needed to drive up local content development in the country.

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On foreign exchange, she expressed optimism that the recent lifting of the ban on importing 43 items by the Central Bank of Nigeria (CBN) would positively impact the Naira.

At the conference, there were many conversations about sustainable economic and fiscal policies. Adubi, one of the delegates, said she is hoping for a positive outcome from the government based on discussions at the conference.

"FG's support causing us to think upgrades, additional investments, cable company boss says

Legit.ng reported that the Chief Operating Officer of MicCom Cables and Wires, Bukola Adubi, has said that as a result of the support her company is getting from the Nigerian Content Development and Monitoring Board (NCDMB), through its effective and efficient implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, MicCom now constantly thinks of upgrades and additional investments.

The NOGICD Act, enacted in 2010, is aimed at domiciling local oil and gas industry capacities.

Adubi, while commending the NCDMB for effectively implementing the Act, said that it has created significant opportunities for local companies, like MicCom, to play actively in the oil and gas industry. The MicCom boss stated this in an interview with the Local Content Television, an NCDMB's media outfit monitored by Legit.ng noted that the NOGICD Act protects local manufacturers like MicCom.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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