NLNG Train 7 will rejuvenate the economy - NCDMB

The Executive Secretary, Nigeria Content Development and Management Board (NCDMB), Mr Simbi Wabote, has said the upcoming Nigerian Liquefied Natural Gas (NLNG) Train 7 will rejuvenate the economy

Speaking on the sideline of the just-concluded 9th Practical Nigeria Content Forum in Bayelsa on Saturday, Wabote said, “To the Nigerian economy, as you are aware, it will bring more revenue to the country; more taxes would be paid and, to the economy, it means a lot.

“To Nigerians, it also means a lot. It means creation of jobs. As you have heard, we will have about 10,000 direct jobs that will be created as a result of the Train 7 project.

“What that translates to is almost 40,000 indirect jobs that would be created,’’ he said

He said that a lot of upstream projects would also come up as a result of the project.

Wabote said that a lot would be expected in terms of activities in the economy, employment, revenue generation and ending restiveness in the Niger Delta.

On legislation to extend local content to other sectors for economic growth and development, he said the idea would not allow proliferation of regulatory agencies in all sectors.

Wabote said that there would be no local content board for construction and another for Information and Communication Technology (ICT).

He said that the legislation on local content for the sectors would be under one umbrella with different divisions in charge of each sector.

Wabote added that a division would be in charge of construction, another ICT and oil and gas, among others.

“That way, you have one body responsible for regulation, but each of those divisions has their peculiarities,’’ Wabote said.

He said that amendment of the Act would put into consideration the peculiarities of the sectors for easy implementation, instead of creating an over-regulatory regime.

NLNG is expected to take Final Investment Decision (FID) on Train 7 before Dec. 31st.