Femi Folaranmi, Yenagoa
The Federal Government has commended Nigerian Content Development & Monitoring Board (NCBMD) over the local content drive in the oil industry.
The Minister of State for Petroleum Resources, Chief Timipre Sylva who gave the commendation at the on-going 9th Annual Practical Nigerian Content (PNC) Forum organised by CWC Africa in partnership with the Nigerian Content Development & Monitoring Board (NCBMD) said the Federal Government is impressed with the local drive under the leadership of the Executive Secretary, Engr. Simbi Wabote.
“ At the Ministry of Petroleum Resources, we are proud of Nigerian Local Content achievements in the oil and gas sector. We are delighted at the various capacities and capabilities that have been put in place since the enactment of the Nigerian Content law. We are also proud that these achievements are well recognised in the continent to the extent that some African countries like Kenya, Congo Brazzaville, Uganda, Gabon and Angola have come to Nigeria in the past for mentorship and peer assistance on Local Content practice and implementation”.
Sylva who noted that the President Mohammadu Buhari had taken strategic steps to entrench Local Content implementation beyond oil and gas through the Presidential Executive Orders 03, 05 and others urged the Local Content Committees of the Senate and House of Representatives to extend the Nigerian Content Act to other key sectors of the economy as promised seeing the gains recorded from the implementation of Nigerian Content requirements in the oil and gas industry.
Wabote in his remarks noted that the Board’s 10 Year Strategic Plan is hinged on five pillars and four enablers adding that each of the pillars and enablers are supported by strategic initiatives meant to propel the oil and gas industry towards 70% Nigerian Content by 2027.
While announcing that the board has secured approvals for the award of nine contracts from the Federal Executive Council to progress work on the development of industrial parks in Akwa Ibom, Bayelsa, and Cross River states he expressed immense gratitude to President Muhammadu Buhari for backing “our efforts to domicile and domesticate manufacturing in-country”.
“We also got approval for the establishment of a 48,000 liters/day facility in Port Harcourt, Rivers State for the production of base oil from used engine oil. With these partnerships, we aim to reverse the capital flight currently associated with these products as they are all imported. The estimated turnover from these 3 partnerships is $360millionper year!”