25 April 2018

Nigeria: Local Content Board Targets Retention of $14bn in Oil Sector

The Nigerian Content Development and Monitoring Board (NCDMB) projected that $14 billion out of the $20 billion spending in shipyards and manufacturing in the oil sector, would be retained in Nigeria by 2027.

The board also made a projection that about 300,000 would be provided by the sector by 2027.

Unveiling the board's 10 years strategic plan at the Oil and Gas Trainers Association of Nigeria (OGTAN), Education Summit (NES) recently in Lagos, the Executive Secretary of NCDMB, Simbi Wabote, said that human capital development is at the core of our 10-year strategic plan.

According to him, the Nigeria oil and gas sector will be a catalyst for the industrialization of the Nigerian oil and gas industry and its linkage sectors in the next 10 years.

Wabote stated: "Increase local content level in the oil and gas industry from 26 per cent to 70 per cent by 2027.Double the value domiciled in the Nigerian oil and gas industry by 2027."

Speaking at the event, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, called for more collaboration between the academia and the oil and gas industry on research, to attract investments into country.

He stressed the need for the country to develop and adopt research and development structures that will create opportunities in the industry through risk reduction and production costs.

Baru promised to collaborate with OGTAN to accelerate skills development in the industry, in order to keep pace with changing environment globally.

According to him, research must be prioritised in order to keep up with developmental changes in the world.

OGTAN's president, Dr Afe Mayowa, said that the body is working on a couple of projects to encourage researchers in oil and gas and the academia.

Mayowa said that some of the projects were categorised as member companies, in line with international standards, issuance of guidelines for standardisation of training and the establishment of a National Occupation Standard (NOS).

He said that the projects were in conjunction with the NCDMB in fostering collaboration between regulatory bodies, the academia and the oil and gas industry, to help close the gap between the ivory towers and the practical aspects of the oil and gas industry.

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