How the Nigerian Content Act Contributed to Stability Through COVID-19

Image: The Guardian Nigeria

Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, has proclaimed that Nigeria’s oil and gas industry stability during the COVID-19 pandemic can be accredited to the implementation of the Nigerian Content Act of 2010.

During a message to Media Stakeholders at the Nigerian Content Capacity Building Workshop, Wabote noted that operations within the industry were not deferred, despite expatriates returning to their countries during the pandemic. By focusing on local capacity, the Nigerian workforce was equipped with the technical and infrastructural capacities to maintain sectoral operations.

Within his message, Wabote announced several achievements within the sector, including:

  • The commissioning of the NCDMB new head office by President Muhammed Buhari;
  • An increase in the Nigerian Content Intervention (NCI) Fund from $200 million to $350 million;
  • New product additions to the NCI Fund – specifically working capital loans and women in oil and gas loans;
  • The approval of the $50 million Nigerian Content Research and Development Fund by the NCDMB Governing Council;
  • The commissioning of the 5,000 barrels per day Waltersmith Modular Refinery at Ibigwe;
  • The approval of additional partnerships in the Nigerian Content commercial ventures programme, particularly in the gas chain;
  • The implementation of a 10-year strategic roadmap;
  • The continued construction of oil and gas industrial parks;
  • The securing of financial investment decision and the awarding of contracts for the NLNG Train 7.

General Manager, Corporate Communications and Zonal Coordination Division of the NCDMB, Dr. Ginah O. Ginah, announced a joint effort between the NCDMB and operating oil companies whereby the Community Content Guideline (CCG), a framework for engaging youths of host communities in participation within the sector, has been implemented. In conjunction with the Nigerian Content Act, the CCG boosts local capacity, enables the development of critical infrastructure, attracts business participation within communities and drives socio-economic growth through essential funding and critical policy support.

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sihle

sihle

Sihle Qekeleshe is a Web Editor at Energy Capital & Power. She has experience as a Copywriter and Editor in various industries.

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