The Nigeria Oil & Gas Industry Content Development Act 2010 came into effect 10 years ago. Indigenous EPC giant, Oilserv Ltd, has played a dominant role in the development of the Local Content Act in Nigeria.
Oilserv Limited, a major player in driving the growth and development of local content in Nigeria has partnered Innoson Vehicle Manufacturing Company Ltd (IVM) in its effort to promote local production of vehicles in the country.
Speaking during a facility tour of the manufacturing plant in Nnewi, the Chairman/Group CEO of Oilserv Group, Dr Emeka Okwuosa disclosed that Oilserv had placed an order for over N600 million worth of vehicle from Innoson.
Okwuosa said the partnership with IVM was aimed at encouraging local manufacturing and use of the vehicles for oil and gas operations. Adding that the partnership between the two indigenous companies is a testament to the development of local capacity in Nigeria.
Oilserv Boss extolled Innoson Motors for sustained standards and quality in vehicle manufacturing, stated that it makes the brand effective in fulfilling Nigerian Content development goals. According to him, the scratch to finish vehicle manufacturing by IVM portends growth to local capacity and huge development to Nigeria’s economy.
“We are partnering with IVM on the manufacturing and use of local vehicles for oil and gas activities.
“We are here to visit and see its production processes and then let the world know that IVM is very effective in fulfilling Nigerian development, local content development which Oilserve is at the heart of it.” Expressing confidence on IVM’s quality, Oilserv boss hinted that the visit was not its first engagement with the indigenous vehicle manufacturing company. “We believe in IVM and we are working with them.
“Since the second quarter of 2020, we have placed ordered for vehicles worth close to N600 million and will do more. Some of the vehicles you see there during the tour are being made for Oilserv. I am glad that Oilserv is part of this process and will continue to be,” Okwuosa said.
In his remarks, the Chairman/CEO of IVM, Chief Innocent Chukwuma commended Oilserv for its commitment to Nigerian Content development. He said the partnership with Oilserv will help Nigeria and even Africa as a whole.
According to Chukwuma, the partnership/patronage indicates OIlserv’s interest in developing Nigerian capacity and the country as a whole.
Reiterating that IVM is a 100 per cent manufacturing firm and not an assembling company, Chukwuma said that the company only imports engine and light while all the electrical aspects and others equipments are sourced in-country.
According to him, IVM sources about 60 per cent of its materials in-country.
“We are proudly Nigeria vehicles manufacturing company, like Oilserv who has excelled in engineering. We source 60 per cent of resources, locally. “We also partner with the military on special vehicles manufacturing as well as other companies,” Chukwuma added.
“OIlserv’s patronage will enable us remain in business, provide job opportunities for Nigerian’s teeming population,” he said.
Commenting on the partnership, the Group Head, Supply Chain, Oilserv Group, Chukwuma Nkwodinmah, said that the partnership is mutually beneficial to both companies. Adding that “we have strategically entered into a collaboration we think that will mutually beneficial to both entities.”
The Group Chief Finance Officer, Solomon Okodugha, said that the partnership will spur growth both in business and local capacity development. Adding that it would create more employment opportunities for Nigerian youths.
