Port Harcourt — The Nigeria Content Development and Monitoring Board, NCDMB, has urged indigenous oil companies in the country to position themselves to take advantage of new projects in the oil and gas sector, which is valued at over $100 billion.
Executive Secretary of NCDMB, Engr Simbi Wabote, explained that the rebound of the oil prices, as well as policies of the agency, was responsible for the inflow of investment to the oil and gas sector, adding that the projection was for the next three years.
Wabote who spoke at the ongoing Nigeria Oil and Gas Opportunities Fair, NOGOF, organised by the board in Yenagoa, said the board is committed and poised to raise Nigerian Content to at least 70percent in the next few years.
Speaking on the team of the event which is “Maximising investments in the Nigerian Oil and Gas for the Benefit of the Nigerian People,” Wabote identified five areas of opportunities in the sector, which investors can take advantage of.
The areas according to him are, “Policy, Funds, People, and Linkages opportunities.
“Policy opportunities has to with the regulators and government; Funds from financial institutions; People, the need to train and develop indigenous technical capacity and linkages, the need to invest in the oil and gas value chain.
“NCDMB is making it compulsory for oil multinationals to give priority to indigenous firms to boost the participation of Nigerians and reduce the dominance of foreigners in the country’s oil and gas sector.”
Wabote added that the board was committed to indigenous technical capacity development and also support the setting up of modular refineries and local manufacturing of LPG cylinders
He announced that the board will officially move into the 17-floor new building in July 2019, adding that the contractors handling the project were wholly indigenous firms.
“NOGOF was conceived by the board to showcase available opportunities in the oil and gas sector for Nigerian companies and investors to take advantage of.
“The inaugural edition of the fair took place in Uyo in 2017, and today the second edition in 2019 is taking place at the Yenagoa Headquarters of the NCDMB.
“The NCDMB headquarters building, in terms of local content compliance, achieved 100percent Nigerian content for construction and services both architectural and engineering, and also achieved 80pecernt Nigerian content for materials used for its building.”
Representatives of multinational oil companies operating in the country also took turns to showcase their project opportunities in the next three to five years and their commitment to Nigerian Content.