Business

Human Capital Deficit Cost Nigeria USD380bn Capital Flight, Others – NCDMB

Published

6 months ago

February 14, 2025

Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola-Ogbe, has said the earlier phase of the nation’s oil and gas industry was marked by capital flight amounting to an estimated US$380 billion and loss of about two million jobs as a result of human capital deficits, and less than five per cent local content.
Ogbe stated this recently at the Nigerian Content Tower (NCT), Corporate Headquarters of the Board in Yenagoa, the Bayelsa State capital, during an interactive session with a visiting team of ranking military officers from the Nigerian Army Resource Centre (NARC), Abuja.
The Tide learnt that the Officers were in the state on a local study tour.
The NCDMB boss, who presented a portrait of Nigeria’s oil and gas industry in its first 50 years of operation and the highpoints in implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, said the country was now making headway in the oil and gas industry with the existence of the NOGICD Act.
“The earlier phase of the oil and gas industry in Nigeria was marked by capital flight amounting to an estimated US$380 billion, loss of two million jobs as a result of human capital deficits, and less than five per cent in local content.
“In sharp contrast, the Post-NOGICD Act era has witnessed phenomenal development of in-country capacity and capabilities as a result of creative enforcement and monitoring of industry operations as well as strategic interventions by the NCDMB”, he said.
He explained that local content hit 56 per cent at the end of 2023, translating into in-country retention of 56 per cent of what the oil and gas industry spends on operations yearly, describing the feat that has made the NOGICD Act and implementation strategies as the model for other oil and gas-producing countries in Africa.
He emphasized that the target for the NCDMB was 70 per cent in 2027 implementation of local content, while also declaring that the Board wants to ensure that equipment and tools as well as services required for oil and gas operations are made and procured in Nigeria.

Ariwera Ibibo-Howells, Yenagoa

Business

PETAN, Others Unveil ALCO, Get NCDMB’s Support … Mull Synergy With APPO, AU

Published

3 days ago

August 18, 2025

The Tide

Oil and gas service providers across the African continent have formed a continental forum called “African Local Content Organisation (ALCO)”.

A statement from the Corporate Communications of the Nigeria Content Development Management Board (NCDMB) says the aim of the new continental body is to foster collaboration among oil and gas service providers to deliver complex projects, create and retain value in the multi billion dollar continent’s energy sector, and grow the economy.

The Tide learnt that the organisation was unveiled on Wednesday, at the 2025 Namibian Oil and Gas Conference, which took place in Windhoek, the Namibian capital.

According to the NCDMB, membership of the organization is open to national associations of service providers in the oil and gas and mining sectors across African.

Chairman of the Petroleum Technology Association of Nigeria (PETAN) and member of NCDMB Governing Council, Mr. Wole Ogunsanya, introduced the organisation and explained that the body would serve as the private sector arm of the African Petroleum Producers’ Organisation (APPO), which comprises African governments engaged in oil and gas operations.

He underscored the pivotal and complimentary roles the private sector plays in building African local content, particularly in the development of competent human capacities, deployment of technologies and equipment, mobilization of private capital, and execution of projects.

Ogunsanya said the organisation would be launched officially at the 2026 African Union (AU) conference, in view of its strategic importance to the continent’s economy, noting that the body plans to institute close partnership with APPO and the African Energy Bank (AEB).

“The AEB was recently set up by APPO to fund big ticket energy projects across the continent and bridge the funding gap impeding the development of key energy projects.

“Members of ALCO are well positioned to execute key scopes of the projects that would be financed by the Energy Bank. This would guarantee value and spend retention in the continent, helping to catalyze the economy”, he said.

Other key objectives of the forum according to the PETAN boss include, facilitating exchange of knowledge and capacities among African energy service companies, enabling collaboration on projects, and growing Africa’s gross domestic product (GDP).

“Through the forum we can carry out benchmark studies, join forces to solve industry problems. It’s also a forum where African energy service companies can link up and find partners across the continent.

“It would enable the exchange of equipment and partnership on major industry projects. As Namibia or any other African country develops energy projects, you can count on your African brothers to share our over 70 years knowledge and experience in the oil and gas industry.

“14 African countries have already joined the organisation, including Nigeria, Morocco, Senegal, Angola, Democratic Republic of Congo, etc”, the PETAN Chairman added.

The Statement from the Directorate of Corporate Communications of the Board further stated that while the PETAN Chairman is serving as the interim Chair of the ALCO, Ibrahim Talla from Senegal is the Secretary.

The Statement read in part: “The new organisation has received endorsement from the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, who described it a key platform for advancing African local content.

“Represented at the Namibian event by the Director, Corporate Services, Dr. Abdulmalik Halilu, the NCDMB boss referenced the vital roles the Board played in the establishment of the African Energy Bank, assuring that it would continue to promote African local content and extend every possible assistance to the ALCO”.

By: Ariwera Ibibo-Howells, Yenagoa

Business

AON Lifts Ban On Freed Ibom Air Passenger

Published

3 days ago

August 18, 2025

The Tide

The lifetime ban imposed on an Ibom Air passenger, Comfort Emmanson, who was earlier penalised for unruly conduct, has been lifted by the Airline Operators of Nigeria (AON).

AON in a statement issued by its spokesperson, Professor Obiora Okonkwo, which was obtained by aviation correspondents, announced that the decision was made after an appeal from the Minister of Aviation and Aerospace Development, Festus Keyamo.

Okonkwo in the statement explained that the operators agreed to lift the sanction after weighing all relevant factors, such as Emmanson’s expression of remorse, the withdrawal of the complaint, the dismissal of charges, and her release from custody.

He praised the Federal Government for introducing a retreat to retrain Aviation Security staff and airline crew on managing disruptive passengers.

AON also called on aviation agencies to enhance public awareness about the risks and legal repercussions of unruly behaviour, as provided in Section 85 of the Civil Aviation Act, 2022, and Part 17 of the Nigeria Civil Aviation Regulations, 2023.

Such conduct, he said, covers assault or threats to crew members, refusal to follow safety instructions, smoking in restricted areas, fighting, disorderly actions, or interfering with aircraft equipment.

The AON stressed that pilots-in-command and AVSEC officers have the authority to restrain and de-board disruptive passengers, handing them over to competent authorities to ensure flight safety and order.

Okonkwo also confirmed that members shall cooperate with the relevant aviation agencies and participate in the retraining retreats on how to handle cases of unruly and disruptive passengers as proposed by the minister.

By; Corlins Walter

Business

Ex-NIMASA DG Harps On Blue Economy Importance

Published

3 days ago

August 18, 2025

The Tide

A former Director-General of the Nigerian Maritime Administration and Safety Agency, Dr. Ade Dosunmu, has emphasised the importance of strategic reforms and stronger collaboration among agencies and stakeholders in unlocking the vast potential of Nigeria’s blue economy.

In a lecture titled “Blue Economy and Economic Diversification: Opportunities and Challenges” at the National Institute for Policy and Strategic Studies in Jos, Plateau State, Dosunmu highlighted the sector’s capacity to drive economic growth, job creation, and sustainable development.

He said, “the blue economy offers a unique and timely solution to Nigeria’s perennial dependence on hydrocarbon resources.

“With strategic reforms, robust policies, and stronger collaboration among agencies and stakeholders, the sector can significantly boost national revenue and secure a prosperous future for our country.”

He explained that this call to action underscores the urgent need for Nigeria to diversify its economy and reduce its over-reliance on hydrocarbons.

The blue economy, as outlined by Dosunmu, has the potential to transform Nigeria’s economic landscape.

By harnessing the opportunities in this sector, the country can create new revenue streams, foster sustainable development, and promote economic resilience, he explained further.

Dosunmu also emphasized the need to address key challenges facing the blue economy, including regulatory gaps, environmental threats, and capacity constraints.

The lecture was part of a broader engagement that featured papers on foreign direct investment, sustainable coastal tourism, and fisheries and aquaculture in Nigeria’s blue economy.

The NIPSS, Nigeria’s foremost policy think-tank, aims to develop top-level leaders and policymakers capable of formulating and implementing strategies for national development.

The lecture noted the blue economy’s potential, which includes driving economic growth, job creation, and sustainable development. The challenges, however, include regulatory gaps, environmental threats, and capacity constraints.

Some of the solutions include strategic reforms, robust policies, and stronger collaboration among agencies and stakeholders.