NCDMB pushes for $3.7bn commercial deal investments

Chinazor Megbolu

The Nigerian Content Development and Monitoring Board (NCDMB) on Tuesday said the organisation is poised to invest a total of US$332 million under its commercial ventures partnership programme.

The Federal Government agency added that the venture is in a bid to attract project developments in-country valued at US$3.7 billion.

The Executive Secretary, Engr. Simbi hinted this at the bi-annual Nigerian Oil & Gas Opportunity Fair (NOGOF) 2021.

Wabote also hinted that the roll-out of new policies and enactment of laws will open new vista of opportunities for interested investors.

According to him; “the declaration of a Decade of Gas by President Muhammadu Buhari, the impending passage of the Petroleum Industry Bill, the amendment of the NOGICD Act, the ratification of the AfCFTA agreement and the recently approved and gazetted Ministerial Regulations are some of the policy and regulatory-driven opportunities in the coming years”.

He pointed out that some of the Board’s partnerships would be completed and commissioned within the next two years, amongst which is the modular refinery in Edo and Bayelsa State.

“We shall complete and commission composite LPG cylinder manufacturing plants with combined capacity of 1.2 million cylinders per annum.

“We shall commission three other projects dedicated to gas processing, LPG bottling, and production of base oil.

“We shall also commission and commence operations from our industrial parks at Odukpani and Emeyal-1 and we shall commercialise at least one R&D project and close skills gaps in under-water welding and any other core skill required in the industry,” he said.