The Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, has advocated for the extension of local content to other sectors of the economy to drive the Nation’s national development growth.
He projected that by 2027, NCDMB would have achieved 70% Nigerian Content; creation of 300, 000 direct jobs; retention of USD$13Bn of the estimated USD$20Bn spend in the oil and gas industry; among others that will catalyse socioeconomic development of Nigeria.
Engr. Wabote spoke during an event with members of Guild of Corporate Online Publishers (GOCOP) in Lagos.
According to him, “Now that Nigeria has a well-established local content in the oil and gas industry such that other nations are even coming to learn from us, we need to now extend it to other sectors of the economy to further drive our National Development in the growth trajectory.
“It is important to state here that our plan in NCDMB is that by 2027, we will ensure 70% Nigerian Content; creation of 300, 000 direct jobs; retention of USD$13Bn of the estimated USD$20Bn spend in the oil and gas industry; ensure the domiciliation of major fabrication yards and manufacturing hubs in-country.”
He maintained that though that the targets are high, he said they are achievable with the collective support of Nigerians so as ensure that the benefits of the oil and gas industry is retained maximally in Nigeria.
He enumerated that using the provisions of NOGICD Act, 2010 and establishment of NCDMB as the sole agency of the Federal Government with the responsibility for driving Nigerian Content in the oil and gas industry, it culminated in the achievements of the followings:
“Increase of in-country value retention from 26% in 2016 to 42% in 2022.Nigeria moved from near zero participation in the oil and gas sector to the point that our indigenous operators such as SEPLAT, AITEO, EROTON, and others are now responsible for 15% of our oil production and 60% of our domestic gas supply. Before the Act, we had annual spend of $20 billion, with little or nothing retained in-country.
“Today, we now spend more than $8 billion in-country per year. We now have 2 world-class pipe mills and 5 impressive pipe coating yards. More than 40% of marine vessels used in the oil and gas industry are now owned by Nigerians.
” In fabrication, today Nigeria can handle fabrication of more than 250,000 Tonnes per annum. Over ten (10) million training manhours have been delivered via our Human Capacity Development Programs. No surprise that our indigenous workforce was able to sustain oil production at the peak of the COVID-19 pandemic lockdown.
“Over 50,000 direct jobs have been created on the back of the implementation of the NOGICD Act.Completion and commissioning of our 17-storey headquarters building – the Nigerian Content Tower in Yenagoa, complete with a 1,000-seater conference auditorium and multi-level car park.
“Completion of 10MW power plant for the supply of electricity to the Nigerian Content Tower and the industrial park in Bayelsa State. Completion and commissioning of the 5,000bpd Waltersmith Modular Refinery at Obigwe, Imo State; the refinery is currently in operation with the products completely sold out.
“Launched the $350million Nigerian Content Intervention Fund managed by the Bank of Industry and NEXIM Bank for single digit loans for Asset Acquisition, Manufacturing, Loan Refinancing, Working Capital and Loan for Women in Oil and Gas.”
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