The local content in Nigeria’s oil and gas sector has experienced a significant surge, soaring from 26% in 2017 to an impressive 54% in 2002.
Simbi Wabote, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB) disclosed this encouraging development, highlighting the remarkable progress made in promoting indigenous participation in the industry.
He said this on Monday, July 10 during his presentation at the ongoing Nigerian Oil and Gas Energy Week in Abuja.
During his presentation at a seminar with the theme: “Nigerian Content’s Role in Achieving Energy Security”, Wabote said that in the last five years when NCDMB started implementing the Strategic Roadmap, it has more than doubled the level of Nigerian content in the oil and gas industry from 26% in 2017 to 54% in 2022.
Wabote promised to deliver on his mandate in reaching the target of developing the capacity of the local supply chain for effective and efficient service delivery to the oil and gas industry without compromising standards.
He also encouraged oil and gas industry players to familiarize themselves with the Nigerian Oil and Gas Industry Content Development Act (NOGIC Act) as well as the Nigerian Content Regulations.
He said: “Stakeholders need to read and understand the NOGIC ACT and the Nigerian content regulations guiding local content.
Insights on the NCDMB Strategic Roadmap
The NCDMB’s Strategic Roadmap focuses on enhancing local content performance within Nigeria’s oil and gas industry. The roadmap, currently in effect from 2017 to 2027, is structured around five pillars as outlined by the NCDMB.
These pillars include Technical Capability Development, Compliance and Enforcement, Enabling Business Environment, Organization Capability, and Sectorial, and Regional Market Linkage.
To ensure the successful implementation of these pillars, four enablers have been identified: Funding, Regulatory Environment, Collaboration and Stakeholders Engagement, and Research and Development (R&D). These enablers play a crucial role in supporting the achievement of the roadmap’s objectives.
- It is also important to note that as of 2022, manpower in the oil and gas industry reached 81% Nigerian content, while project management was 80%. Simbi Wabote has earlier said that the NCDMB has disbursed a total of $160 million out of the $200 million Nigerian Content Intervention Fund (NCI Fund) to qualified firms.
- This is based on the Board’s efforts to provide accessible credit for Nigerian oil and gas service companies and community contractors. The NCDMB is also working to promote relevant and reliable data and statistics and has established a collaborative framework with the National Bureau of Statistics.