Board Lists Gains Of Nigerian Content Act …Says Nigerians Now Own More Vessels

The implementation and enforcement of the Nigerian Content Act for the oil and gas industry has led to the increased ownership of vessels by Nigerians, which was not the case in the past.

More Nigerians now own land, swamp, jack up rigs and some proportion of deep offshore rigs, the Nigerian Content Development and Monitoring Board (NCDMB) said.

A larger number of Nigerians are acquiring Anchor Handling Tugs, Dynamic Positioning Platform Vessels, Line Handling Tugs and other larger vessels otherwise called category 2 vessels, it added.

The Board is also leading the industry to establish vessel and rig maintenance facilities so that the Nigerian economy could realise maximum economic benefits from asset ownership.

The Nigerian Content implementation has attracted foreign direct investments worth over $500m (N78bn) in the manufacturing of equipment components for the oil and gas industry, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, recently said.

According to the Minister, the equipment components manufacturing initiative of the board is an effective way to drive industrialisation of the Nigerian economy and is already creating over 1000 skilled jobs in Nigeria.

The initiative, which mandates original equipment manufacturers to partner with their representatives to set up facilities to manufacture or assemble equipment components in Nigeria, would also ensure the retention of spending within the economy on critical industry equipment such as valves, pumps, electrical and instrumentation products.

For instance, in the downstream sector of the Nigerian maritime industry, largely dominated by foreign tanker ships, indigenous ship owners have had a minor role to play in the lighterage and seaborne transportation of imported refined petroleum products destined for the largest petroleum products consumers in Africa.