10 November 2018, Sweetcrude, Port Harcourt — The Nigerian Content Development and Monitoring Board, NCDMB, has said that it would support any investor willing to deepen local content practice in the gas value chain.
To this end, the board has urged investors interested in the manufacturing of gas cylinders, burners, regulators, lighters, or in the provision of other services in the gas value chain, to take advantage of the $200million Nigerian Content Intervention Fund, managed by Bank of Industry for the provision of loans to oil and gas service providers.
Speaking, Executive Secretary of the board, Engr Simbi Wabote, also urged players in the gas sector should canvass for speedy implementation of existing policies and pursue the delivery of identified gas opportunities
Wabote explained that there have been sufficient discussions on missed opportunities of the past years and huge subsisting potentials of gas to the Nigerian economy.
According to him, “Members of the Nigerian Gas Association and other stakeholders in the oil and gas industry must begin to pick up the gauntlet. It does not have to be a gigantic, big bang project that overwhelms everybody and does not get delivered at the end of the day.
“Let’s take one or two aspects of the value chain and channel all energies on them so that in two years time, we are here to celebrate value addition to our hydrocarbon resources.”
The NCDMB boss also disclosed that the board had begun to implement some of its initiatives, citing an example with the $200 million Nigerian Content Intervention Fund, at single digit interest rates for the acquisition of key assets, manufacturing, and other activities.
He advised investors interested in the Nigerian Oil and Gas Parks Scheme, which would be sited in Cross River and Bayelsa State, to liaise with the board on how to participate in the scheme, stressing that the Board would sign Memorandum of Understanding with such investors before the end of 2018 and early birds would enjoy the first mover advantage.
“Part of our 10-year strategic roadmap is to support credible proposals from local businesses that want to key into opportunities in the hydrocarbon value chain. Let’s move beyond talk into action. Our recent deal to support the construction of a 5,000 barrels per day modular refinery was done in less than six months.
“If you are interested in manufacturing of cylinders, clips, hoses, burners, regulators, lighters, or in the provision of other services in the gas value chain, please approach the Bank of Industry with your applications. A key requirement is that you must be a contributor to the Nigerian Content Development Fund,” Wabote said.