NCDMB targets $14bn value retention for oil sector

The Nigerian Content Development and Monitoring Board (NCDMB) has set a target of $14 billion in- country value retention over the next 10 years for oil and gas supply chain.
 
Executive Secretary of NCDMB, Mr. Simbi Wabote, stated this in his presentation at recent workshop organised by the NCDMB for members of the House of Representatives Committee on Local Content, in Port Harcourt, Rivers State.
 
The Executive Secretary noted that the Nigerian oil and gas industry had developed capacity to handle more than 60,000 tonnes of fabrication per year while all cables required in the oil and gas sector are being manufactured in-country.
 
“We are proud of these achievements but our vision is to achieve 70 per cent in-country value retention within the next 10 years and retain $14 billion out of the $20 billion yearly spend,” he said
 
Wabote informed further that the Nigerian oil and gas supply chain is now able to retain $5 billion from the annual $20 billion spend, a marked departure from the past when almost the whole budget ended up in foreign economies.
 
“Today, we have two world-class pipe mills and five impressive pipe coating yards. Nigerians control and own 38 per cent of marine vessels used in the oil and gas industry. Over 30,000 direct jobs have been created on the back of implementing the Act.”
 
Wabote commended the National Assembly for the support it has provided to the Nigerian Content implementation process, adding that the achievements in the oil and gas industry made it imperative that the Nigerian Act should be extended to other key sectors of the economy.
 
According to him, some of the capacities already developed in-country in the oil and gas sector could easily be deployed in other sectors.
 
Meanwhile, members of the Federal House of Representatives have begun working with stakeholders in Power, Construction and Information Communication Technology sectors towards extending the Nigerian Content Act  to the three sectors of the economy.
 
The consensus, which was reached at the event, agreed that extending the Act to those key sectors would replicate the achievements recorded in the oil and gas industry through the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
Source: 
The Sun