While Nigeria has progressed with its local content development plans with the country achieving 54% of its 70% target set for 2027, the MoU between the two will be crucial in helping Senegal ensure its people, local companies and economies benefit from the development, exploitation and monetization of oil and gas reserves. With the MoU, Nigeria and Senegal will collaborate on addressing industry challenges including lack of adequate infrastructure while promoting cross-border collaboration with the aim of resolving regional and global energy security challenges and exploiting associated opportunities.
Engr. Simbi Kesiye Wabote, Executive Secretary, NCDMB, stated that improved cooperation on local content between Nigeria and its African counterparts such as Senegal will enable Africa as a whole to benefit from the country’s critical infrastructure as well as large-scale project developments such as the Dangote Integrated Refinery and Petrochemical Company and the Lekki Free Trade Zone in Nigeria. Wabote reiterated that local content cooperation among African countries is crucial for innovating energy financing mechanisms and optimizing the maintenance of oil fields and infrastructure.
