WARRI, DELTA STATE – Minister of Finance Wale Edun reaffirmed the Federal Government’s commitment to empowering indigenous oil and gas businesses during a visit to Lee Engineering & Construction Company Limited on Tuesday.
Highlighting the company’s achievements, he praised its role in advancing local innovation and industrial growth.
Accompanied by Equipment Leasing Registration Authority (ELRA) CEO Donald Wokoma, Edun toured Lee Engineering’s advanced fabrication yard in Warri.
He applauded the firm’s contributions to domestic manufacturing, stressing its alignment with national economic self-sufficiency goals.
“Indigenous enterprises like this exemplify Nigeria’s potential,” Edun remarked.
Emphasizing President Tinubu’s agenda, Edun pledged unwavering support for local refining and production. “Prioritizing domestic crude processing reduces import reliance and stimulates industrial raw material output,” he stated. This strategy, he added, directly supports job creation and economic diversification under the Renewed Hope Initiative.
Responding to appeals for stronger government partnerships, Edun vowed to streamline policies benefiting homegrown industries. “Collaboration between regulators and businesses is vital for sustainable progress,” he asserted. Meanwhile, Wokoma praised the visit as a catalyst for investor confidence in local content development.
Lee Engineering CEO Leemon Ikpea thanked the government for recognizing private-sector contributions. “Supportive policies will amplify our capacity to deliver world-class EPCOM services,” he said. The firm, a leader in Nigeria’s energy sector, has spearheaded projects boosting regional employment and technical expertise.
Edun further linked industrial growth to stabilizing Nigeria’s economy amid global challenges. By fostering competitive local industries, he explained, the nation can curb foreign exchange pressures and strengthen the naira. “Every locally produced component displaces imports and fuels prosperity,” he noted.
The minister also underscored infrastructure investments as key to sustaining momentum. Upgrading power grids and transport networks, he argued, will enhance operational efficiency for manufacturers. Additionally, he urged financial institutions to expand credit access for small and medium-sized enterprises.
Through strategic partnerships, Edun envisions a thriving ecosystem where Nigerian firms dominate the oil and gas value chain. “This administration will dismantle barriers hindering local participation,” he promised. Such measures, he clarified, include tax incentives and faster approval processes for critical projects.
As Nigeria accelerates efforts to harness its energy resources, stakeholders applaud the renewed focus on indigenous capacity. Lee Engineering’s success, analysts say, demonstrates the sector’s readiness to drive industrialization if supported adequately.
The visit concluded with a pledge to replicate such collaborations nationwide. By prioritizing homegrown solutions, the government aims to transform Nigeria into a net exporter of refined products by 2030.
This renewed push aligns with global shifts toward sustainable energy and local value addition. With oil revenues contributing over 60% of national income, boosting domestic participation remains economically urgent.
In parallel, ELRA announced plans to streamline leasing frameworks for industrial machinery, easing access for local firms. Wokoma affirmed, “Simplifying equipment financing will accelerate project execution and reduce dependency on foreign contractors.”
Experts argue that consistent policy implementation is crucial for lasting impact. While past initiatives faced setbacks, Edun’s proactive engagement signals a departure from bureaucratic inertia. “Actions, not promises, will rebuild trust in the sector,” remarked energy analyst Ngozi Okoro.
As the Tinubu administration marks its first year, fostering indigenous businesses emerges as a cornerstone of its economic blueprint. With rising global competition, Nigeria’s ability to nurture local champions could redefine its industrial trajectory.
Ultimately, the Warri visit underscores a clear message: investing in homegrown talent and technology remains pivotal to achieving energy security and economic resilience. Through sustained collaboration, stakeholders believe Nigeria can unlock its latent industrial potential.