Oil 2027:  FG inaugurates new NCDMB Board, set 70% target for Nigerian Content 

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Oil 2027:  FG inaugurates new NCDMB Board, set 70% target for Nigerian Content 

Chinazor Megbolu

Towards boosting local content in Nigeria, the Federal Government has inaugurated the new members of the governing council of the Nigerian Content Development and Monitoring Board (NCDMB) in Abuja on Tuesday.

The Federal Government through the Minister of State for Petroleum Resources, Dr. Timipre Sylva during the inauguration said they had set a target to achieve 70 per cent Nigerian content in the oil and gas industry by the year 2027.

During the event monitored on National Television network, the Minister explained that the federal government is now working tirelessly to deepen Nigerian participation in the oil and gas sector.

According to him; “in the midst of so much uncertainty around Covid-19 pandemic and instability in the world oil markets, we must look inwards to explore all the opportunities to further diversify and insulate our economy from external shocks.

“The board’s 10-year strategic road map launched in 2018 is a key compass to ensure that we derive more value in-country from our hydrocarbon resources.

” By 2027, the road map’s target is to achieve 70 per cent Nigerian content level in the oil and gas industry.

“I want this goal to be achieved so that we are able to domesticate petroleum refining, domicile manufacturing of industry requirements, extract value from gas and position Nigerian operators and service providers at the forefront of play in the upstream, midstream and downstream sectors of the industry”.

Sylva further hinted that there had also been a deliberate development of the local supply chain and growth in the number of Nigerian oil and gas service providers with more than 8,000 service providers and more the 60 operating companies registered on the NCDMB portal recently.

The government buttressed further that it had also carried out the establishment of two world-class pipe mills and five pipe coating yards in a bid towards boosting the sector.

“Before 2010, only three per cent of marine vessels were Nigerian owned; today, Nigerians control and own over 40 per cent of vessels that are used in the oil and gas industry.

“In the area of fabrication, Nigeria can handle fabrication of more than 60,000 tonnes per year with its array of world-class fabrication yards.

“In cable manufacturing, all cables required in the oil and gas sector are all manufactured in-country,” Sylva said.

Meanwhile, the Executive Secretary, NCDMB, Mr. Simbi Wabote, while appreciating federal government for its foresight with the inauguration, posited that it is now on record that the country took the FID and signed a multi-billion dollar contract for the execution of NLNG Train-7 project right in the thick of a global pandemic.

According to Wabote; “we are also making history in this room as we are about to witness the inauguration of the first ever female member of our governing council. We are really excited and grateful at the diversity and calibre of the incoming members of our governing council”.

He explained further that Covid-19 menace shows that when nations are forced to close their borders due to existential threats, the wherewithal to cater for the people in a safe and secure environment is inversely proportional to the nation’s level of reliance on importation.

“Our reflection is that we are not fully at our destination but the situation could have been worse if not for the NOGICD Act. We are set and we are looking forward to the next decade of NCDMB with a sense of purpose to deliver on our mandate,” Wabote said.

The newly inaugurated members of the board are: representatives of the Ministry of Petroleum Resources, Mrs. Peace Owei, the Department of Petroleum Resources (DPR), Mr. Sarki Auwalu,  and the Nigerian National Petroleum Corporation (NNPC), Mr. Farouk Sa’id.

Other representatives are; the National Insurance Commission (NAICOM), Mr. Olorundare Thomas and the Petroleum Technology Association of Nigeria (PETAN),
Mr. Nicolas Odinuwe.

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