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Business & FinanceNigeria

Nigeria would benefit, NOGICD Act is amended- Wabote

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The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has said that Nigeria would benefit if the Nigerian Oil and Gas Industry Content Development (NOGICD) Act is amended and extend to other critical sectors of the national economy. The excutive Secretary said this at the inaugural meeting of the Committee with the NCDMB which took place at the National Assembly recently while reacting to a pledge by the Chairman of the Nigerian Content Development and Monitoring Committee (NCDMC) in the 9th National Assembly, Rt. Honorable Legor Idagbo as he said the House of Representatives would work closely with the Nigerian Content Development and Monitoring Board (NCDMB) to amend the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and extend it to other critical sectors of the national economy. Wabote lauded the committee’s interest in extending the NOGICD Act to other sectors and affirmed that the nation would derive several benefits if the move becomes a success. He explained that the Nigerian Content implementation is aimed at domiciliation and domestication of industry activities and not Nigerianization of the oil and gas sector. He also clarified that Nigerian Content implementation was distinct from corporate social responsibility and does not compromise standards. In an effort to express the importance of  the development of major oil and gas projects in  the growth of Local Content in the country, the NCDMB boss said  “If we don’t have an enabling environment and we don’t catalyze more projects and Final Investment Decisions, we cannot increase Local Content”. According to him, the Nigerian Content grew from below 5 percent before the passage of the NOGICD Act in 2010 to the current level of 30 percent. He also stated that NCDMB introduced the Nigerian Content 10 Year Strategic Roadmap in 2017, with the target to grow Nigerian Content to 70 percent by 2027. The Executive Secretary went on stressing that “the idea is not to achieve 100 percent. We want to claw back as much as possible and push the boundary for Nigerians to do so much. No one country has 100 percent technology and capacity in the oil and gas industry.”  


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