The Executive Secretary Nigerian Content Development Monitoring Board (NCDMB), Wabote Simbi on Wednesday called for more participation of local organisations in the development of the country’s resources.
This, he noted, is an essential ingredient to create a thriving economy for Nigerians.
Simbi stated this in his speech delivered at the Nigerian petroleum summit on “Capable local organizations to participate in the development of the country resources.”
According to him, participation of local organisations in the development of a country’s resources is very critical as it is an essential ingredient for any nation that wants to create a thriving economy for its population.
He explained that such participation and attendant development can only become a reality if it is hinged on the adoption of local content philosophy.
Simbi further enumerated five key parameters to be in place to achieve sustainable Local content practice which are Regulatory Framework, Gap Analysis, Capacity Building, Funding & Incentives, and lastly Research and Development
He further explained that one of the key provisions in the Nigeria Oil & Gas Industry Content Development (NOGICD) Act is that first consideration shall be given to Nigerian operators in the award of blocks and licenses, Nigerian goods and services, and in the employment and training of Nigerians.
‘’We set aspirational targets as contained in our law. The NOGICD Act has set minimum targets in 278 services across the oil and gas value chain to enhance local capacity development. We have used this to drive and encourage investments,’’ Simbi said.
He, however, said the board has moved Nigerian Content to 30 percent from less than 5percent before the advent of the local content law.
Two years ago, the monitoring board launched its 10-year Strategic Roadmap to move Nigerian content in the oil and gas to 70percent by the year 2027
He further disclosed that since the Act came into effect, the NCDMB has developed two world-class pipe mills and five pipe coating plants, grown fabrication capability to over 60,000 metric tonnes per year, and have the capacity to carry out over 80 percent of engineering design in-country
While commending the board, Simbi revealed that NCDMB has created over 30,000 direct jobs, delivered close to 9 million training man-hours, awarded over 90 percent of contracts to Nigerian-owned businesses, witnessed the growth of successful indigenous operators, and put in place facility for FPSO integration – the First in Africa
He revealed that the Nigerian Content Development Fund (NCDF) has also been deployed to partner with the board in areas such as the launch of the $200million Nigerian Content Development Fund in partnership with the Bank of Industry and others necessary undertakings.