*To maintain self-funding status
Lagos — The Nigerian Content and Development Board, NCDMB intervention fund has shot up to $350 million.
This was revealed by the Executive Secretary of the Board, Engr. Simbi Wabote at the NBA-SBL & NCDMB Colloquium on Wednesday.
While delivering his keynote address at the conference titled ‘NOGICD Act: Strides Challenges & Opportunities’, Wobote said that the Nigerian Content Intervention Fund, NCIF increased from $200 million to $350 million in the last one year.
According to him, the increment comes with additional products for working capital, and for women in the oil and gas sector.
Wabote also revealed that a forensic audit of the Nigerian Content Development Fund, NCDF remittances has been held, leading to recoveries close to $100 million.
He said that the Board had successfully exited appropriation since 2018, and that it intends to maintain its self-funding status through the prudent management of the NCDF entrusted in its care.
Listing some of NCDMB’s achievements since its establishment in 2010, Wabote said the Nigerian Oil and Gas Industry Content Development, NOGICD Act has restored hope to the Nigerian oil and gas industry as no nation can survive under the negative trend of capital flight, loss of jobs and community discontentment.
“Since inception in 2010, the implementation of the Act has resulted in 35% of in-country value retention compared to the less than 5% value retention before the NOGICD Act”, he said.
“Before the Act, we had annual spend of $20 billion with little or nothing retained in-country. Today, I can confidently say that we spend over $6 billion in-country annually. We have 2 world-class pipe mills and 5 impressive pipe coating yards. About 40% of marine vessels used in the oil and gas industry are owned by Nigerians. We have four active dry-docking facilities in Port Harcourt, Onne, and Lagos. In cable manufacturing, all cables required in the oil and gas sector are all manufactured in-country. Over 50,000 direct jobs have been created on the back of implementation of the NOGICD Act. We have 76 operating companies and over 8,000 oil and gas service companies pulling their weight in the industry. Our indigenous operators are responsible for 15% of our oil production and 60% of our domestic gas supply. In fabrication, today Nigeria can handle fabrication of more than 120,000 tonnes per year. In cable manufacturing, all cables required in the oil and gas sector are all manufactured in-country. Over ten (10) million training manhours have been delivered via our Human Capacity Development Programs. No surprise that our indigenous workforce was able to sustain oil production at the peak of the COVID-19 pandemic lockdown”, he said.
Furthermore, he said that NCDMB in the last four years, had delivered on the completion and commissioning of a 17-storey headquarters building complete with 1,000-seat auditorium and multi-level car park; completion of 10MW power plant at Elebele Bayelsa State for supply of electricity to its new headquarters building and the oil and gas park in Bayelsa State, completion and commissioning of the 5,000bpd Waltersmith modular refinery; the Egina FPSO which is the largest in the world was integrated in the SHI-MCI yard in Lagos, STEM Education training for 1,500 teachers in Bayelsa and Katsina States; among other achievements.
While listing some of the opportunities which relate to the legal profession in the sector, Wabote implored members of the bar, to position themselves towards taking full advantage of them.
Despite these challenges, he said the Board will continue to make concerted efforts towards surmounting them