Ernest Nwapa labels Nestoil example of ‘practical Nigerian content’

Nestoil, a prominent indigenous oil company, was recently praised as a shining example of 'practical Nigerian content' by Ernest Nwapa, the former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB). Nwapa, who has closely monitored Nestoil's growth over the years, commended the company for its remarkable evolution from a small fabrication business to a major player in the industry. Nwapa expressed his admiration for Nestoil's journey, highlighting the company's commitment to discipline and high standards. He reminisced about the early days when securing projects through tendering processes was a challenge, emphasizing the importance of supporting and nurturing indigenous companies to build genuine Nigerian capacity. In his discussion with CNBC Africa's Wole Famurewa, Nwapa underscored Nestoil's exponential growth, citing the expansion of its assets, workforce, and expertise. He emphasized that Nestoil's success story symbolizes the potential of indigenous companies to thrive and compete on both local and global levels. Reflecting on the future of the oil and gas sector, Nwapa acknowledged the cyclical nature of the industry and the challenges faced by companies in recent years. However, he expressed confidence in Nestoil's resilience and staying power, attributing its strength to strong leadership, adherence to quality standards, and a dedicated workforce. As Nigeria prepares to commemorate a decade of the Nigerian Content Act, Nwapa drew parallels between the Act and Nestoil's growth timeline, predicting a promising future for both. He emphasized the importance of companies upholding safety standards, quality control, and good governance, asserting that these factors will determine the success of Nigerian oil companies in the evolving competitive landscape. Nwapa lauded Nestoil's impressive track record, including its project portfolio, safety records, and overall achievements. He expressed optimism about the company's trajectory in the coming years, emphasizing the pivotal role of leadership, management, and vision in shaping Nestoil's journey from a good company to a great one. In conclusion, Nwapa's endorsement of Nestoil as a beacon of 'practical Nigerian content' serves as a testament to the company's commitment to excellence, growth, and sustainability in the oil and gas sector.