Business
Oil Projects Data Ready In Two Weeks – Board
The Nigerian Content Development and Monitoring Board (NCDMB) on Monday said the outlook of upcoming activities across the upstream, midstream, and downstream sectors of the Nigerian oil and gas industry would be out in two weeks
According to a statement by Obinna Ezeobi, the Media Relations Supervisor, NCDMB, in Lagos, the compilation is the key outcome of the Nigerian Oil and Gas Opportunity Fair (NOGOF) concluded on March 31, in Uyo.
It stated that the theme was “Advancing Indigenous Participation in the Nigerian Oil and Gas Industry for National Development”.
“The compendium of opportunities will guide international and local service companies in making strategic investment plans, with a view to maximize the domestication of activities and enhance in-country value retention.
“It will also assist the NCDMB to identify high impact activities with potential for employment generation, training, in-country value addition and revenue retention for support and inclusion in its five-year roadmap.
“This will further cement the sustainability of Nigerian Content Development and implementation,” it stated.
The Executive Secretary of NCDMB, Mr Simbi Wabote, said that the board and industry had made giant strides, especially with respect to developing capacity in-country, upgrade of existing facilities and establishment of new facilities.
Wabote, however, said there had not been an alignment of the capacity being established with the demand and opportunities available.
According to him, instead, companies and investors often acquire assets and facilities to pursue short term opportunities based on trends they see in the industry.
“The regret had resulted in over capacity in some areas where in-country facilities scrambled for available work while there was lack of capacity in some other areas, resulting in exporting of work scopes abroad with the attendant loss of revenue and jobs.”
The objectives of NOGOF include showcasing opportunities in the upstream, midstream, and downstream sectors of the oil and gas industry.
“Present available and planned capacity in-country provide multi-nationals the opportunities to link up and utilise in-country.
“It enables Nigerian companies to tailor their business strategies towards exploiting available opportunities” he said in the statement.
He said that the board had adopted a 100-day target for completing its aspects of the contracting processes in line with the six months contracting cycle time set out by the Minister of State for Petroleum Resources.
Wabote said that recent assessment visits to oil and gas facilities and assets around the country had provided the board’s management with updated knowledge about the scale and size of capacities and capabilities available in-country as well as plans of some service providers to scale up their capacities.
“Similarly, all in-country capacity must be exhausted before approval will be given for procurement of Line-Pipes outside the country.”
The statement said that the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, highlighted the importance of the fair, adding that the outcome would enable service companies in the industry to choose areas of specialisation and prevent overcrowding in certain fields.
According to him, “The greatest problem of the Nigerian space is overcrowding.
Kachikwu also underscored the importance of security to the development of local content and reported effort made to mobilise support around the country for peace initiatives in the Niger Delta, which had started yielding positive results.
Gov. Udom Emmanuel of Akwa Ibom stressed the need for deliberate efforts by government and oil companies to boost local capacity in the industry and enhance security.
According to him, “We have paid lip service to the issue of capacity building over the years.
“We need to transfer technology by building skills development centres in the region.”
The^Chairman, House of Representatives Committee on Local Content, Mr Emmanuel Ekon, commended the board for organising the fair.
He said it was the first time operating companies would inform service companies of projects to expect.
Ekon advised service companies to make good use of the opportunities, stressing that Nigerian Content was for companies that had built capacity and ready to deliver value.
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with a firm, Sweetcrude Ltd., has announced detailed selection criteria for the inaugural “Champions of Nigerian Content Awards”, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
The Tide learnt that the event, scheduled to hold 21st May, 2025, at the NCDMB’S content tower headquarters in Yenagoa, capital of Bayelsa State, will recognize individuals and organizations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The Tide further gathered that the ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), which promises to spotlighting industry excellence and contributions to national economic transformation.
A statement by the Board’s Directorate of Corporate Communications and Zonal Coordination says the event has 12 Award Categories, which include, “Nigerian Content Icon of the Year”, “Nigerian Content Lifetime Achievement Award”, “Nigerian Content International Upstream Operator of the year”, and the “Nigerian Content Independent Upstream Operator of the year”.
Others are, “Nigerian Content Midstream Operator of the year”, “Nigerian Content Downstream Operator of the year”, “Nigerian Content International Service Company of the year”, Nigerian Content Indigenous Service Company of the year”, and the “Nigerian Content Innovator of the year”.
Also included are, “Nigerian Content Financial Services Provider of the year”, “Nigerian Content Media Organization of the year”, and “Women in Leadership Award for Promoting Gender Equality and Empowerment”.
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks such as Production output for crude oil and gas volumes, Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
Other criteria are adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
The Board’s statement added that similar criteria will apply to financial institutions, media organizations, and individuals, ensuring a transparent and merit-based selection process.
“Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
“The Advisory Committee of Industry Titans will Oversee the process to uphold the prestige of awards. The Committee consist of distinguished experts set up to oversee nominations and validate winners”, the NCDMB said.
Members of the committee, according to the Board, include: Pioneer Executive Secretary of the NCDMB, Dr. Ernest Nwapa; Secretary-General, African Petroleum Producers Organization, Dr. Omar Farouk; and former Zonal Operations Controller, DPR, Mr. Woke Akinyosoye.
The Statement quoted the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, as emphasizing that the awards aim to becoming the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content.
“With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector”, the NCDMB Executive Scribe said.
By: Ariwera Ibibo-Howells, Yenagoa
Nigeria’s apex Banking institution, Central Bank of Nigeria (CBN), has declared that Federal Government’s debt servicing increased to N696billion in January 2025.
The CBN’s recently published Economic Report revealed a precarious fiscal position, which worsened in January 2025 as debt servicing obligations exceeded total retained revenue by a wide margin.
According to the report, the Federal Government’s debt servicing obligations for the month stood at N696.27bn, while total retained revenue amounted to only N483.47bn, indicating that debt service alone consumed about 144 per cent of all government earnings.
This development highlights the growing debt burden and dwindling fiscal space facing Africa’s largest economy.
According to the report, despite slight improvements in some revenue categories, the retained earnings were grossly inadequate to cover obligatory debt repayments, exposing the government’s continued reliance on borrowing to meet basic obligations.
The report further revealed that retained revenue in January 2025 only recorded a marginal 0.89 per cent increase when compared with the N479.21bn generated in the corresponding month of 2024.
”FGN retained revenue declined in the review period, owing largely to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.
“At N0.48tn, provisional FGN retained revenue was 69.19 and 70.40 per cent below the levels recorded in the preceding period and monthly target, respectively”, it revealed.
While this points to stagnation rather than growth, the marginal rise was wiped out by the overwhelming debt service obligations.
The retained revenue components showed that the Federation Account contributed N167.69bn, while the VAT Pool Account delivered N90.73bn.
By: Corlins Walter
The Federal Government has announced plans to commence the payment of the outstanding N35,000 wage award arrears owed workers in the Federal Civil Service.
A statement issued by the Office of the Accountant-General of the Federation (AGF), which was signed by the Director of Press and Public Relations, Bawa Mokwa, said the outstanding arrears will be paid in instalments, with workers set to receive N35,000 per month for five months.
It clarified that the first tranche of the wage award arrears would be released immediately after the April salary payment.
“The wage award arrears was not paid with the April 2025 salary; it will come immediately after the salary is paid”, the statement read.
The Federal Government had earlier disbursed wage awards to federal workers for five months as part of efforts to cushion the impact of economic reforms. However, five months’ arrears remained unpaid.
The AGF office further reiterated the government’s commitment to fully implementing all policies and agreements relating to staff remuneration and welfare, noting that such efforts were geared towards enhancing productivity and operational efficiency across ministries, departments, and agencies.
The N35,000 wage award was introduced in 2023 as a palliative measure to support workers following the removal of the petrol subsidy and other economic adjustments.
In January this year, the Federal Government assured workers that it would clear the arrears of the N35,000 wage award, just as it also said the government had resumed the payment of the wage award.
The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, had disclosed the government’s commitment towards implementing agreements with trade unions during separate meetings with the leadership of the Trade Union Congress and Congress of University Academics, in Abuja.
The Nigeria Labour Congress had criticised the Federal Government over the delay in the payment of the minimum wage for certain workers in the federal civil service.
Also, the Federal Government had earlier blamed the delay in payment on the prolonged approval of the 2025 budget.
By: Corlins Walter