It Is Time to Create Aggressive Market-Driven Policies That Spur Economic Growth
The African Energy Chamber insisted on the need for fair regulations that are supportive of local industries whole encouraging international investments
CAPE TOWN, South Africa, The African Energy Chamber (https://EnergyChamber.org/) advocated for better regulatory frameworks, local content development, women empowerment and cross-border cooperation at the grand opening of Africa Oil & Power in Cape Town this week.
Attended by hundreds of senior government officials and energy executives from across Africa and the world, the Africa Oil & Power Conference & Exhibition is seeking solutions to make energy work better for Africans and investors. It was opened by leading industry figures such as H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, H.E. Mouhamadou Makhtar Cissé, Minister of Petroleum and Energies of Senegal, and Nj Ayuk, Executive Chairman of the African Energy Chamber and CEO of the Centurion Law Group.
Delivering the opening remarks, African Energy Chamber Executive Chairman Nj Ayuk addressed key issues facing the industry’s future, reminding the continent that it needs and must do better to provide energy and jobs to all Africans. “We are here at AOP not only to highlight success stories but also to have an honest conversation with each other on what needs to be done for our industry, and follow a roadmap to successful implementation on core issues such as regulations and local content policies, the empowerment of women, infrastructure development, cross-border cooperation and fiscal frameworks,” declared Nj Ayuk.
On the issue of regulations and the creation of a better enabling environment for investors and businesses, the African Energy Chamber insisted on the need for fair regulations that are supportive of local industries whole encouraging international investments. “Look to Ghana,” said Nj Ayuk. “The country has built an oil and gas regulatory framework from scratch and built a reputation for transparency and regulatory certainty. Its projects are getting off the drawing board and Ghana is already a serious African producer. Regulations have to be progressive, so what matters is to implement regulations that set the ground for the development of a sustainable, local content-oriented and jobs-creating industry.”
“On local content, look to Nigeria,” he added. “It has used its oil and gas as a jumping off point for overall economic development and building up domestic capacities from the ground up while providing the right opportunities for the establishment and growth of strong local companies across the value chain.”
At the core of the African Energy Chamber’s message was also a call to women empowerment across Africa’s energy industry. From creating strong educational and training programmes to implementing progressive policies in the workplace, the Chamber has advocated for better policies that provide women equal opportunities in the workplace and across the industry. “On woman empowerment, look to South Africa, which boasts some of the strongest leaders in Africa’s oil and gas sector,” declared Nj Ayuk. “Diversity will change our industry for the best and needs to be a priority.”
The African Energy Chamber closed its opening remarks on the issues of infrastructure development and cross-border cooperation. In many cases, a lack of infrastructure is severely holding back economic and social development, including a lack of roads, pipelines, ports and airports is stopping exploration and production in its tracks; and delaying the progress of otherwise economically viable progress. Meanwhile, cross-border cooperation is the key to unlocking the potential of the continent. “On cross-border cooperation, look to Senegal and Mauritania,” said Nj Ayuk. “They both have already shown Africa that putting its differences aside and working towards co-developing projects is beneficial for African economies and their people. The GTA project is a landmark project in that regard, and one that will profoundly impact the socio-economic development in both countries. The major step to encourage future such collaboration and projects is to simply keep the dialogue open and engage more.”