Nigerian oil sector content grows to 42%, says NCDMB
By JOHNMARK UKOKO
Nigerian Content Development and Monitoring Board (NCDMB), at the weekend, disclosed that it has grown local content in the oil and gas sector to 42 percent.
Executive Secretary of NCDMB, Simbi Wabote, while giving an update recently at a local content workshop for judiciary workers in Bayelsa State with the theme: Philosophy And Imperatives Of The Nigerian Oil And Gas Industry Content Development (NOGICD) Act.
The workshop was aimed at ensuring a better understanding of the Nigerian oil and gas industry Content Development (NOGICD) Act for lawyers and judicial officers in Bayelsa State. In his keynote address at the workshop, which was held virtually, Wabote provided an update on the level so far attained in the nation’s quest to grow local participation in the oil and gas industry, saying: “So far, 42 percent growth has been attained in the projection aimed at reaching 70 percent by 2027.
According to Wabote, the growth translates to the retention of over $8 billion of the $20 billion yearly spent of the industry within the Nigerian economy and part of the NCDMB’s 10 year plan spanning 2017 to 2027 with a projection to achieve 70 percent by 2027.
Wabote noted that with less than five per cent local content before the enactment of the NOGICD Act 2010, Nigerians were reversing the dominance of foreign companies and players.
He said that currently Nigerian owned oil companies produce 15 per cent of the country’s daily oil output and account for some 60 per cent of domestic gas supply.
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On ownership of oil and gas industry’s equipment, he said available records indicate that 40 per cent of vessels deployed in the sector were owned by Nigerians. In his remarks, Head of legal Services at NCDMB, Another Onyeso, noted that although oil and gas was on the exclusive legislative list, some conflicts arising from implementation of the NOGICD Act might be brought before the state judiciary.
He said the NCDMB sees all levels of judiciary at state and federal levels as critical stakeholders who need to understand the NOGICD’s Act. On her part, Chief Judge of Bayelsa State, Mrs. Kate Abiri, who served as resource person in one of the technical sessions on The Role Of The Judiciary In Attaining The Goals of NOGICDA Act, said a detailed understanding of the contents and intent of the legislation was crucial for the judiciary to give an unbiased interpretation of the law.
Abiri commended the agency for the workshop, stressing that it would enable all the stakeholders to fully understand their roles towards attaining NCDMB’s mandate.