Business

NCDMB Recounts Gains On Local Content Law

Published

1 year ago

August 26, 2024

Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has restated the gains and successes accruing to oil and gas sector of the nation’s economy through the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.
He said the act has reset the oil and gas industry’s spendings and has also developed in-country capacity.
Ogbe, who spoke on the theme “Local Content and Sustainable Inclusive Economic Growth”, at the 2024 Namibia Oil and Gas Conference un Windhoek, noted that recent discoveries of hydrocarbon deposits have increased the oil and gas reserves of the continent to about 126 billion barrels of oil and about 614 trillion cubic feet of gas.
He noted that the adoption of local content policy for the oil and gas industry and other resources is a veritable means through which African countries can ensure that the utilization of their resources will translate to energy security, economic development, and industrialization of the continent.
The NCDMB boss said since the enactment of the NOGICD Act in 2010, Nigeria has recorded significant achievements, which, according to him, include the creation of over 30,000 direct jobs, over 15 million training man hours, award of over 90per cent of contracts to Nigerian-owned businesses, and utilisation of the expatriate management system to ensure 80per cent of oil companies’ management positions are held by Nigerians.
It also include growth of successful indigenous operators who are now responsible for the production of more than 60per cent of Nigeria’s domestic gas requirements and over 15per cent of crude oil production.
“As at the end of 2023, we have reached Nigerian Content level of 54per cent and we are committed to achieving the set target of 70per cent by 2027”, the Executive Secretary said.
Represented by the General Manager, Corporate Communications and Zonal Coordination, Esueme Dan Kikile, the NCDMB helmsman shared the Board’s experience as a regulator responsible for deepening and driving local content in the Nigerian oil and gas industry.
He noted that a successful local content policy must entail the deployment of six key parameters, namely, regulatory framework, gap analysis, capacity building, funding and incentives, research and development, and access to market.
According to him, a law, or decree, depending on the political arrangement in a country, sets the framework and boundaries for all local content practitioners.
“In Nigeria, the NOGICD Act of 2010 is the regulatory framework that drives local content policy. It’s a structured capacity-building intervention.
“It’s also necessary to foster the development of in-country capacities and capabilities, while gap analysis is to ensure that baseline and periodic gap evaluations are carried out to ascertain the human capacity and infrastructure deficits which will then form the basis for developing initiatives, projects, and programmes that will seek to close the identified gaps.
“In addition, local companies require incentives and low-interest, long-term funds to be able to develop their capacities which will, in turn, enable them to compete favourably in the oil and industry”, he said.
Ogbe emphasised the importance of research and development, which, he noted, would facilitate the development of innovative solutions to address peculiar challenges that are being experienced in a nation’s oil and gas industry.
He also underscored the necessity for access to market as developed capacities and capabilities that need patronage to be sustained.
“A market, within a country and across international boundaries, is imperative for the potential benefits of enhanced capabilities to be maximised.
“A robust local content implementation framework that serves as a blueprint, spelling out how local content policy will be implemented, also has to be in place. Five key components of the framework, as instituted by the NCDMB, are Analysis, Guidelines and Regulations, Implementation, Monitoring and Evaluation, and Feedback Mechanism.
“Faithful adherence to these elements accounts significantly for the success of local content practice in Nigeria”, he restated.
The Tide learnt that Namibia has estimated crude oil reserves of 11 billion barrels and gas reserves of 2.2 trillion cubic feet. Pages 15 and 16, Mon, Aug 26, 2024

By: Ariwera Ibibo-Howells, Yenagoa

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

2 weeks ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

2 weeks ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

2 weeks ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi