Local content making us to look inwards to develop our local capability
About $5 billion worth of NLNG projects have been unlocked in Nigeria’s oil and gas sector with at least 50 per cent of the investment retained in the economy.
The retention of the 50 per cent of the foreign investment is in line with the country’s local content policy.
The Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, disclosed this at a media briefing in Lagos on Tuesday.
According to him, in spite of the COVID-19 lockdown in 2020, the sector recorded the huge $5 billion investment with 27 contracts/projects signed.
“In the upstream sector, we recorded $5 billion projects in the NLNG with 50 per cent of that being retained for the Nigerian economy.
“It is a lot in terms of the giant strides we have achieved. If not for COVID-19, we would have achieved more than that.
“Local content is actually making us to look inwards to develop our local capability,’’ Wabote said, pointing out:“For instance, if you don’t look inwards when the whole world was locked down, we would have been left stranded.’’
Persecondnews reports that Wabote had unveiled the hosting of the 3rd edition of Nigeria Oil and Gas Opportunity Fair 2021 scheduled for May 25-26, 2021 at the media briefing.
The theme of the virtual fair is “Leveraging opportunities and synergies for post-pandemic recovery of the Nigerian oil and gas industry’’. It will be held from 9.00am to 5.00 pm daily.
NOGOF offers a great virtual experience, combining current technology to deliver collaboration between thousands of key players in the oil and gas sector which will help businesses to grow by seeing opportunities for quick decision-making.
No fewer than 1, 500 registered participants will feature in the fair with over 1000 opportunities to be presented by international oil companies, independent and other major players.
Attendees are expected from government agencies, industry regulators, oil-producing communities as well as the manufacturing sector, foreign investors and the financial institutions. For details – email@example.com.
Expatiating further on the local content policy of the Federal Government, the NCDMB Executive Secretary said:“Local content is not about Nigerianization of businesses or companies, it is not about taking out expatriates and bringing in local experts.
“For instance, Nigerian participation in the NLNG project has increased with 50 per cent of the activities by Nigerian businessmen. Today NLNG staffing is 95 per cent Nigerians and 5 per cent expatriates unlike what it was at its inception – 95 % expatriates and 5 % Nigerians – it has really helped the growth of the industry.’’
On the modular refineries being executed in the Niger Delta, Wabote explained that they were not dependent on foreign investment, saying local investors are putting their money into them.
On insecurity, he described it as a huge challenge to the country but said the oil and gas industry would continue to forge ahead in spite of the security situation.
“I think the experts are handling it and Nigeria will overcome it as we must continue to leverage opportunities in the oil and gas sector,’’ Wabote said.