EconomyHeadlinesNews NCDMB boosts local content with $5bn investment in Nigeria By maritimemag June 1, 2021138 views ShareTweet 0 Chinazor Megbolu The Nigerian Content Development and Monitoring Board (NCDMB) has boosted local content initiative with $5 billion in the country. This was made known by the Executive Secretary, NCDMB, Engr. Simbi Wabote, on Monday said that Nigeria has invested up to $5 billion towards developing local content. In his address during his presention at the May edition of the Bureau of Public Service Reforms (BPSRs) Seminar held in the Ministry of Finance, Abuja, said that the Board has been able to achieve 35 per cent Nigerian Content as at 2021. Wabote, in his paper titled: ‘NCDMB, Strategic Road Map, A Catalyst for the Industrialisation of Nigeria’, noted that with the way things are going, the industry will get to 70 per cent by the year 2027. “Right now, about $5billion is spent in-country to build local Content. For you to drive Local Content, you must be Passionate, Professional, Creative, Patriotic, you must have integrity and and have team spirit,” he said. Wabote further stated that the two key mandates of the NCDMB are; to develop local capacitance capabilities without compromising standards, monitor and enforce the provisions of the NOGICD Act 2010. He posited that the Board’s interventions includes; $228 million for gas, $80 million for modular refineries and $24 million for other interventions, and $332 million commercial ventures used to attract $3.7 billion. Wabote further explained the local content implementation is not a sprint or a CSR, but a marathon and a business. “Section 104 of the Act, a fund known as the Nigerian Content Development Fund is established for the purposes of funding the implementation of Nigerian Content Development in the Nigerian oil. “In the NOGICD Act, section 3, 12 & 28 states that first consideration shall be given to Nigerian operators in award of blocks and licenses, Nigerian goods and services in the evaluation of bids and the employment and training of Nigerians,” Wabote said. © 2021, maritimemag. All rights reserved.