Victor Okoronkwo, Managing Director and Chief Executive Officer of Nembe Exploration & Production Company Limited and senior executive at Aiteo Group, has called for a shift from compliance-based local content implementation to performance-driven competitiveness in Nigeria’s energy sector.
Okoronkwo made the remarks at the 2026 edition of the Nigeria International Energy Summit (NIES), where policymakers, regulators, investors, and industry leaders gathered to deliberate on the future of Africa’s energy landscape.
Beyond Compliance Under the PIA
A key focus of discussions at the summit was the implementation of Nigeria’s Petroleum Industry Act (PIA), with stakeholders emphasizing the need to translate policy reforms into measurable industrial growth.
Okoronkwo stressed that local content development must go beyond meeting statutory requirements to fostering genuine industrial capacity and global competitiveness. He noted that strengthening indigenous service providers, improving technical expertise, and deepening in-country value creation are critical to sustaining long-term growth in the sector.
Industry experts at the summit echoed similar sentiments, arguing that the PIA offers an opportunity to reposition Nigerian companies as major contributors not only domestically but across regional markets.
Driving Regional Cooperation Through Infrastructure
Deliberations also highlighted the importance of cross-border energy infrastructure in unlocking shared prosperity across Africa. Participants examined proposals for gas corridors and interconnected pipeline systems designed to improve energy access, boost industrialisation, and enhance regional trade.
Okoronkwo advocated stronger collaboration among African nations, noting that integrated infrastructure and coordinated policy frameworks would help reduce fragmentation in the continent’s energy markets. According to him, regional cooperation is essential for attracting investment and accelerating development.
Regulatory Harmonisation to Attract Investment
Stakeholders further identified regulatory harmonisation as a critical step toward strengthening investor confidence. Variations in legal and fiscal regimes across African countries were cited as challenges to seamless cross-border investments.
Speakers at the summit called for greater alignment in regulatory standards to ensure transparency, reduce operational risks, and create a more predictable environment for long-term capital deployment.
Industry Recognition
In recognition of his contribution to the summit’s deliberations, Okoronkwo received an award as a speaker, underscoring his role in advancing dialogue on collaboration, operational excellence, and sustainable value creation within Nigeria’s energy sector.
The 2026 Nigeria International Energy Summit concluded with renewed commitments from stakeholders to deepen local capacity, expand regional partnerships, and drive policy reforms aimed at building a more competitive and integrated African energy market.