FG reaffirms commitment to support indigenous oil companies

In a bid to propel Nigeria’s economic growth and self-reliance, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed the government’s commitment to supporting indigenous businesses in the oil sector, citing Lee Engineering & Construction Company Limited as a shining example of local excellence.

The Minister gave the assurance on Tuesday in Wari, Delta State, when he visited the operational base of Lee Engineering & Construction Company Limited

Accompanied by Donald Wokoma, Registrar/CEO of the Equipment Leasing Registration Authority (ELRA), the CME toured the state-of-the-art fabrication yard and lauded the company’s significant contributions to local manufacturing and industrial development.

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In a statement, Mohammed Manga, Director, Information and Public Relations, said he assured the management of President Bola Tinubu’s unwavering support in promoting indigenous production, aligning with the administration’s commitment to strengthening Nigeria’s economy through encouraging increased investment by domestic entrepreneurs.

Edun also highlighted the economic benefits of returning to domestic crude oil refining, including the production of industrial raw materials to spur economic growth.

In response to Lee Engineering’s request for governmental support, the Minister reaffirmed the administration’s dedication to advancing local manufacturing.

He emphasised that the Renewed Hope Agenda prioritises industrial development, which is pivotal for job creation and economic expansion.

Speaking earlier, Donald Wokoma, Registrar/CEO of the Equipment Leasing Registration Authority (ELRA), expressed his appreciation for the Minister’s visit and the government’s commitment to supporting indigenous businesses.

“We are grateful for the Honourable Minister’s recognition of our contributions to Nigeria’s economic growth. We look forward to continuing to work with the government to promote local content and drive industrial development in Nigeria,” he said.

Lee Engineering, under the leadership of Founder and Group Chairman Dr Leemon Ikpea, is a prominent indigenous firm specialising in Engineering, Procurement, Construction, Operations, and Maintenance (EPCOM) services within Nigeria’s oil, gas, and power sectors.

Manga noted that the Minister’s visit underscores the government’s determination to foster a self-reliant economy by empowering indigenous businesses and promoting local content in Nigeria’s energy and manufacturing sectors.

According to him, as the government continues to drive its economic agenda, the partnership between the public and private sectors is expected to yield significant dividends, empowering indigenous businesses like Lee Engineering to thrive and contribute to Nigeria’s economic growth and development.