The Nigerian Content Development and Monitoring Board (NCDMB) has revealed that the Nigerian content in the oil and gas sector has now risen to 42%.
This was disclosed by Mr Simbi Wabote, Executive Secretary of NCDMB on Wednesday, at a Local content workshop for the Judiciary in Bayelsa, themed: “Philosophy and the imperatives of the Nigerian Oil and Gas industry content development (NOGICD) Act”.
The NCDMB boss added that growth in content has seen the retention of over $8 billion of the $20 billion annual spending in the industry, as Nigerian-owned oil companies produced 15 per cent of the country’s daily oil output and account for some 60 per cent of domestic gas supply
What the NCDMB boss is saying
Wabote stated that NCDMB’s 10-year plan (2017-2027) is to achieve 70% content by 2027.
- He also added that “with less than 5 per cent local content before the enactment of the NOGICD Act 2010, Nigerians were reversing dominance by foreign companies.
- “Currently Nigerian-owned oil companies produced 15 per cent of the country’s daily oil output and account for some 60 per cent of domestic gas supply.”
- The NCDMB boss also revealed that 40% of oil vessels are now owned by Nigerians in the sector.
- Mr Naboth Onyeso, Head of Legal Services at NCDMB revealed that despite oil and gas being on the exclusive legislative list, some conflict arising from the implementation of the NOGICD Act may be brought before the state judiciary.
- “The NCDMB saw all levels of the judiciary at state and federal levels as critical stakeholders who needed to understand the NOGICD Act.
- “He said that the Petroleum Industry Act (PIA) reinforced the NOGICD Act as it complemented the legislation” he said.
Nairametrics reported last month that the Nigerian Content Development and Monitoring Board (NCDMB) announced that it has secured approval to produce Liquified Petroleum Gas (cooking gas) to ensure 10 percent of current nationwide demand.
