The Nigerian Content Development and Monitoring Board (NCDMB) has tasked the beneficiaries of its Project 100 Companies on job creation and increasing the contribution of the oil and gas sector to Nigeria’s Gross Domestic Product.
Mr Simbi Wabote, Executive Secretary, NCDMB, gave the charge while speaking at the Project 100 Access to Market workshop on Wednesday in Lagos.
The News Agency of Nigeria (NAN) reports that the workshop had as its theme: ‘Facilitating Business Opportunities for Project 100 Companies.’
Wabote, represented by Mr Patrick Obah, Director, Planning, Research and Statistics, NCDMB, said Project 100 Companies was inaugurated in January 2019 to nurture 100 indigenous oil and gas service providers.
He said the beneficiaries were being supported through targeted financial and non-financial interventions in order to transform them into larger scale players that create high impact in the oil and gas space.
According to him, this is in line with the targets of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010 and the Nigerian Content 10-Year Strategic Roadmap.
Wabote noted that Nigeria had over 36 million barrels of oil reserves and a proven 206TCF of gas reserves which create a huge opportunity for local Engineering Procurement and Construction (EPC) contractors.
He said the $350 million Nigerian Content Intervention Fund and the $40 million fund for Women in Oil and Gas were some of the strategic initiatives put in place to encourage indigenous companies in the sector.
Wabote said the Petroleum Industry Act had also created a clear fiscal framework for the industry, adding that the beneficiaries owed the government a duty to sustain its development plans.
He urged them to collaborate and bring in fresh ideas in their businesses in order for them to expand into regional and international players.
Also, Mr Abdulmalik Halilu, Project 100 Coordinator, said 60 of the companies had already been assessed by the board, while plans were underway to assess the remaining 40 beneficiaries.
Halilu said the board had also shortened the contract cycle in the oil and gas sector with the signing of the Service Level Agreement with stakeholders.
“As a government, our role is to support the private sector with very sound policies because it is important that we develop the private sector.
“We are targeting that local content in the oil and gas industry will be about 60 per cent by 2027.
“What we expect is a resilient local supply chain that will create jobs and contribute to expanding the tax pool of the Federal Government,” he said.
Halilu added that the NCDMB would continue to partner with the National Petroleum Investment Management Services and other stakeholders to strengthen the capacity of indigenous companies.
Speaking on behalf of the beneficiaries, Mr Ose Ojemenkele, Managing Director, Adroit Investment Ltd., commended the NCDMB for the Project 100 Companies initiative.
He noted that the companies had made a lot of progress through mentoring, training, financial support and other interventions of the board, adding that they were ready for the task ahead. (NAN)
