By Chidiebere Ugwu
The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, Nigerian Content Development and Monitoring Board (NCDMB) on Monday gave further insights into the significance of Presidential Directive on Local Content Compliance Requirements issued by President Bola Tinubu.
Speaking at the ongoing Nigerian Content Seminar session of the NOG Energy Week Conference (NOG) in Abuja, Engr. Ogbe said the new policy directive will significantly impact Nigeria’s oil and gas industry, grow the nation economy, and ensure cost competitiveness as well as attract further investments to the industry and the country at large.
He assured on the NCDMB’s commitment to create the enabling business environment that will attract more investors to the country’s oil and gas sector, and reiterating the Board’s unwavering dedication to implementing the Presidential Policy Directive on Local Content Compliance.
Engr. Ogbe who expressed excitement about federal government’s keen interest in the local content agenda, recalled the Presidential Directive on Local Content Compliance Requirements issued by President Bola Tinubu, which seeks to further deepen local content in the Nigerian oil and gas industry.
Explaining more on the significance of the Presidential Directive on Local Content Compliance, he said it will accelerate competitiveness, mitigate risks of approving unqualified contractors, improving the approval timeline, creating an enabling business environment in the Nigerian oil and gas industry.
To execute this Directive, the NCDMB boss said the Board has designated five focal areas which are: “To promote the Utilisation/growth of in-Country Capacities; enhancing the cost competitiveness of oil and gas projects; non-inclusion of intermediary entities lacking the essential capacity to perform from the Nigerian Content Plan (NCP); approval of NCP which consist of the contractors that meet the legal definition of Nigerian companies and demonstrate capacity to execute projects within Nigeria; and Entities acting solely as intermediaries, with no demonstrable capacity to execute the project or activity, shall not be approved”.
According to him, the Presidential Policy Directive, when fully implemented, will significantly impact Nigeria’s oil and gas industry, grow the nation economy, and ensure cost competitiveness as well as attract further investments to the industry and the country at large.
Hr said: “In addition, we will evaluate current policies and guidelines to encourage the development of indigenous capabilities and guarantee that these policies and guidelines are not misused, misapplied, or misinterpreted.
“The Presidential Directive and our modalities are in accordance with the objectives of our 10-Year Strategic Roadmap, as they will significantly contribute to the deepening of Nigerian Content, which will ultimately help us achieve our overarching aim of increasing the level of Nigerian Content to 70% by 2027.”
The Nigerian Content Seminar session of the NOG Energy Week Conference is a flagship programme of the NOG that avails the Board the opportunity to engage with stakeholders, share the efforts and activities towards achieving the critical mandates of developing local capacities and capabilities and enforcing compliance with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010.
