Board Tasks Stakeholders On Local Content Development

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The Nigeria Content Development and Monitoring Board (NCDMB) has urged stakeholders in the oil nad gas industry to key into the objective of the Nigeria Oil and Gas Industry content Development (NOGICD) Act to promote local content in the country.
Executive Secretary of the Board, Engr Simbi Wabole, gave the urge while speaking with newsmen in Port Harcourt at the weekend.
He said the achievement of Nigerian content and diversification of the economy was a key agenda of the Federal Government, adding that the NOGICD act was enacted in 2010; “With a ten years vision and strategic initiative to increase diversification in the oil and gas sector and the wider economy”.
He pointed out that, “Before the enactment of the (NOGICD) Act in 2010, all fabrication, engineering and procurement were done abroad, resulting in estimated capital flight of about $380 billion in 50 years, with attendant estminated job loss of 2 million, especially in the Niger Delta region”.
He added that the level of Nigeria content then was far less than 5 per cent as the focus was mainly on oil revenue.
To avert the dwindling trend in local content development, he said the Federal Government had placed priority on the development of capacity of local supply claim for effective and efficient service delivery to the oil and gas industry, without compromising standards.
He restated the commitment of the Board towards the promotion, development and implementation of the provisions of the NOGICD Act to enhance local participation in the oil and gas industry.
According to the executive secretary, part of the strategies of achieving set goals was the introduction of the Economic Recovery and Growth Plan (ERGP) by the Federal Government.
He explained that the vision was to steer the country back on track and achieve structural economic change with a more diversified economy, on six key priority sectors, namely agriculture, manufacturing, solid minerals, services, construction, real estate and oil and gas.