Nigeria’s oil and gas sector will receive a boost as an indigenous company is set to produce flow-control equipment known as valves by the first quarter of 2018.
Speaking in Lagos, Mrs Ada Obua, the Managing Director, Iron Weaver Limited, said that by manufacturing them locally, the country would be conserving huge foreign currency as it imports no less than 380 million dollars worth of flow-control equipment yearly.
She said this would stop the importation of flow-control equipment into the country. The enterprise would be located in Ukwa, Abia state.
The proposed products of Iron Weaver Limited would include centrifugal pumps, electrical submersible pumps (ESP), water injection pumps and helicoaxial pumps.
The company would also be producing air-operated double diaphragm (AODD) pumps and gas-operated double diaphragm (GODD) pumps.
Mrs. Obua said that Iron Weaver would be servicing engineering, procurement and construction (EPC) companies and International Oil companies (IOCs) with its products for tendered projects.
“When we commence operations, Iron Weaver will be the sole local manufacturer of valves in Nigeria. Demand for our products is strong as Nigeria imports over $380 million worth of valves annually. That number will increase by 2018 with many big companies exploring the backlog of liquid fuels and gas projects. This still remains in force“, she said.
Mrs. Obua said this would strengthen the policy of the Nigerian Content Development and Monitoring Board (NCDMB) which says that 60 per cent of project valves be sourced from local manufacturers.
Obua also said that the firm would focus on growing the business profitability and cultivating strong partnerships with its customers.
This would be achieved by supplying reliable products to its customers; maintaining an ethical, safe and rewarding workplace for its employees.
“Our growth will be driven by deployment of industry-standard technology and best operating practices to achieve high operational excellence. We will also ensure expansion of our product portfolio over time; the company will be the only supplier in Nigeria to run its entire machinery and assembly manufacturing process in the country,’’ she noted.
The firm would also be involved coverage of pumps and related instrumentation within and after sales’ support services.