Lagos — The Nigerian Content Development and Monitoring Board (NCDMB) is set to increase collaboration and alignment with relevant agencies to help maximize the potentials in the midstream/downstream sectors of the oil and gas Industry.
The Manager Corporate Communications, NCDMB, Mr. Esueme Dan Kikile disclosed this at the just concluded Nigerian Content Midstream and Downstream Oil and Gas Summit organized by the Nigerian Content Development and Monitoring Board (NCDMB) on Tuesday.
According to Him, delegates at the summit encouraged relevant authorities to adopt creative initiatives to address the issue of irregular supply of feedstock to the modular refineries, which is hampering the smooth operations of the plants and further advocated that the Federal Government should divest from the petroleum depots and address the dysfunctions of Nigerian pipeline infrastructure.
The Participants at the summit beckoned on the Central Bank of Nigeria (CBN) to create a unique window of forex access to facilitate seamless operations of modular refineries in the Nigerian oil and gas industry and requested that the NCDMB should consult more with midstream/downstream stakeholders to co-produce solutions to the peculiar challenges confronting the sector.
The participants also included the need to encourage the collocation of modular refineries and the depots and the Free Trade Zones to enable easy offtake of petroleum products and promotion of the utilization of gas as an energy source of choice in Nigeria and addressing the forex liquidity constraints of indigenous companies.
Recommendations made by the participants were geared towards addressing some of the challenges of the sectors which included that the midstream/downstream sectors face uncertainty due to the sustenance of subsidies, inconsistent supply of feedstock and the broken product distribution infrastructure.
In addition, the participants also highlighted the challenges that modular refinery operators face in sourcing forex and called attention to the hurdles and delays that complicate the process of operationalizing a valid import waiver.
Other suggestions made by the participants point to the need to encourage accelerated investment in modernizing and upscaling the local supply chain to ease petroleum product distribution and to formulate and implement policies and interventions to support indigenous operators and make them globally competitive in terms of quality delivery and product pricing.
The participants thanked the Board and its leadership for their efforts so far and called on all stakeholders in the midstream and downstream sectors to support the progress achieved so far and ensure that they take the posture of good faith compliance with all Nigerian Content requirements.
Also speaking at the event, The Executive Secretary, NCDMB, Engr. Simbi Kesiye Wabote while Delivering the vote of thanks, assured participants that their recommendations would be considered during policy formation. He also promised that the Board would liaise with relevant agencies to address some of the identified challenges that are outside the remit of the Board’s mandate.
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