Nigerian content retains $8billion annually, creates 50,000 jobs

The Nigerian Content Development and Monitoring Board (NCDMB), has disclosed that, implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act has created over 50,000 direct jobs in the local economy over the past 11 years.

Penpushing reports that, the Executive Secretary of the board, Engr. Simbi Kesiye Wabote made this known during separate breakfast meetings he held on Thursday with members of the Guild of Corporate Online Publishers (GOCOP) in Lagos.

The Executive Secretary who also held meeting with Editors of newspapers and broadcast stations on Friday hinted that the level of Nigerian content in the oil industry hovered around five percent before the enactment of the NOGICD Act in 2010.

Penpushing further reports that, he explained that, the focused implementation of the Nigerian Content Law resulted in an increase to 26 percent in 2016 and 42 percent as at December 2021.

The Executive Secretary explained that the board had launched the Nigerian content 10-Year Strategic Roadmap in 2017, with a target to achieve 70 percent Nigerian content by 2027.

‘As part of this goal, the Board would catalyze the creation of 300, 000 direct jobs in the oil and gas industry and linkage sectors, enable the retention of $13bn out of the estimated annual $20bn spend in the oil and gas industry and establishment of major fabrication yards and manufacturing hubs in-country’, he said.

Penpushing also report that, he hinted that a pointer of the marked improvement in Nigerian content implementation is that the local economy used to retain little or nothing from the annual oil industry spend of $20 billion before the NOGICD Act, 2010 but is now able to retain more than $8 billion in-country per year.

‘The improvement is because of the development of critical capacities and assets by local oil and gas service companies and increased domiciliation and domestication of industry operations’, he said.

The board boss noted that, Nigeria has also moved from near zero participation in the operations side of the oil and gas sector to the point that indigenous operators such as SEPLAT, AITEO, EROTON, and others are now responsible for 15 percent of our oil production and 60 percent of domestic gas supply.

Penpushing reports that, he said other major accomplishments of Nigerian content implementation include the establishment of two world-class pipe mills and five impressive pipe coating yards, the ability of Nigerian firms to fabricate more than 250,000 tonnes of steel per year and ownership of more than 40 percent of marine vessels used in the oil and gas industry by Nigerians.

The Executive Secretary further stated that over10 million training man hours have been delivered via the Board’s Human Capacity Development Programs, adding that it was no surprise that indigenous workforce was able to sustain oil production at the peak of the coronavirus pandemic lockdown.

Penpushing further reports that, Wabote, providing details of the Board’s provision of credit facilities to the oil and gas industry,  said the board  had inaugurated a $50million Nigerian Content Research and Development Fund to drive basic research, commercialization of research breakthroughs, establishment of research centers of eexcellence, and to sponsor uuniversity endowments.

The Executive Secretary added that the board floated a $50m special loan product for women in the oil and gas business to enable empowerment of the womenfolk in the industry and established another $30m Working Capital Fund to support oil and gas service companies, adding that, both the Women and Working Capital funds are managed by Nexim (Nigerian Export-Import) Bank.”

Penpushing also reports that, he announced that the board recently secured the approval of its Governing Council to set up a $50 million fund for NOGAPS Manufacturing Product Line, to be dedicated to companies that would operate in the Nigerian Oil and Gas Parks, being constructed by the Board in Bayelsa and Cross River States.

‘Beneficiaries of the NOGAPS fund would have to be engaged in the manufacturing of equipment components used in the oil and gas industry and linkage sectors’, Wabote stated.

Penpushing reports that, giving reasons why the board convened the breakfast meetings with the leadership of the media, explained that the agency wanted senior members of the media to understand the importance of Nigerian Content to the national economy and to continue to advocate for the implementation in all spheres of the Nigerian economy.

Penpushing also reports that, he added that the coronavirus pandemic made humanity to realize that every economy needs to develop local capacities and capabilities in the core sectors, hence, all hands must now be on deck to push the local ccontent narrative.

The Executive Secretary  charged media practitioners to uphold the ethics of their professionalism, noting that Nigerians depend on the media for their news and information, hence practitioners must strive to retain their audience’s trust and not fall for the temptation of propagating fake news and carrying out unwarranted attacks on innocent Nigerians.

Penpushing reports that, he regretted that some online media platforms were undermining the Federal Government’s noble intentions of bringing in technocrats and professionals to serve as appointees through targeted and unwarranted attacks under the cloak of investigative journalism and challenged the publishers and editors to condemn and weed out the bad eggs in their profession, and our society generally.

The Manager Corporate Communications of the board, Mr. Esueme Dan Kikile in his remarks noted that media practitioners are key partners in the implementation of the NOGICD Act and their role was clearly spelled out in section 70 (n) of the Nigerian Content legislation.

Penpushing further reports that, he equally solicited the support of senior media practitioners to curb the incidence of fake news and libelous publications perpetrated by some news organizations.

The Manager Corporate Communications also assured the media of the Board’s continuous partnership and support of their operations and advancement of the national economy.

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