Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Nigerian Content hits 42 percent in oil & gas sector

    Nigerian Content hits 42 percent in oil & gas sector

    May 1, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp

    Mkpoikana Udoma

    Port Harcourt — The Nigerian Content Development and Monitoring Board on Wednesday announced that Nigerian Content in the oil and gas sector has risen to 42 percent.

    The growth, according to the Board, translates to retention of over $8billion of the $20 billion annual spend of the industry within the Nigerian economy and part of the NCDMB’s 10-year plan 2017-2027 to achieve 70 percent by 2027.

    Executive Secretary of NCDMB, Engr. Simbi Wabote, disclosed this while speaking at a Local Content workshop for the judiciary in Bayelsa, with the theme, ‘Philosophy and The Imperatives of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.’

    Wabote noted that with less than 5percent Local Content before the enactment of the NOGICD Act in 2010, Nigerians are reversing dominance by foreign companies.

    He explained that currently Nigerian owned oil companies produce 15 percent of the country’s daily oil output and account for some 60 percent of domestic gas supply.

    On ownership of oil and gas industry equipment, Wabote said that available records indicate 40 per cent of vessels deployed in the sector were owned by Nigerians.

    Also speaking, NCDMB Head of Legal Services, Mr Naboth Onyesoh, stated
    that although oil and gas was on the exclusive legislative list, some conflict arising from implementation of the NOGICD Act may be brought before state judiciary.

    Onyesoh said that the NCDMB sees the all levels of judiciary at state and federal levels as critical stakeholders who need to understand the NIGICD Act.

    Also, the Chief Judge of Bayelsa, Justice Kate Abiri, said a detailed grasp of the contents and intents of the NOGICD Act was crucial for the judiciary to give unbiased interpretation of the law.

    Follow us on twitter

    Related News

    TCN inaugurates Performance Improvement Plan Committee to boost power supply

    Nigerian Navy cracks down on oil theft, arrests 76 vessels in two years

    Nigeria, Equatorial Guinea advance GoG gas pipeline project with new roadmap

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Shell faces legal storm over pollution after N/Delta onshore exit

    June 23, 2025

    PHCCIMA, MAN partner to promote economic growth in Rivers, Bayelsa

    June 23, 2025

    Navy reaffirms war against oil theft, economic sabotage

    June 23, 2025

    Stakeholders urge Ogoni communities to embrace HYPREP projects

    June 23, 2025

    West Africa mine operators launch drones to detect wildcat miners

    June 23, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.