A Review of the Nigerian Energy Industry

NCDMB allays operators’ fears over falling oil prices


14 February 2014, Sweetcrude, Lagos – With no end in sight yet to the rapidly falling oil prices, the Nigerian Content Development and Monitoring Board, NCDMB,  has urged both International Oil Companies, IOCs, and indigenous players in Nigeria not to panic, but to be more innovative in their effort to get past the troubling time.
Executive Secretary of the NCDMB, Engr. Ernest Nwapa, who made this known in Lagos, hinted that some Nigerian oil companies were already requesting for the reduction of local content scope because of the huge financial implications ‎during this time of oil price fall,
He explained that it would be inappropriate to reduce the local content scope during this period, urging operators not to panic but to be more innovative and allow the Local Content Act to thrive.
“A family of six where they are used to eating large amount of food with a new baby ‎but there was sudden increase in the rent. The head of family told his household that for them to continue living in the house and paying the rent, they have to cut cost. The first cost they want to cut is the feeding bottle of the baby by taking it away from him. So what’s going to happen to that baby? So keep the local content alive,” he said.

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