Over the last 11 years, the Nigerian Oil and Gas Industry Content Development (NOGICD) Act has produced over 50,000 direct employments in the local economy, according to Engr. Simbi Kesiye Wabote, executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB).
He said this in Lagos on Thursday at a breakfast meeting with members of the Guild of Corporate Online Publishers and on Friday at a breakfast meeting with editors of newspapers and television stations.
He hinted that the Nigerian content in the oil industry hovered around 5% before the NOGICD Act in 2010. However, the focused implementation of the Nigerian Content Law resulted in an increase to 26% in 2016; and 42% as of December 2021.
NCDMB launched the Nigerian Content 10-Year Strategic Roadmap in 2017. The goal was to get Nigerian content to 70% by 2027, according to Wabote. The Board would help to catalyze the creation of 300,000 direct jobs in the oil & gas industry and related industries. It will also retain $13 billion of the estimated annual $20 billion spent in the oil and gas industry. He added that there would be the establishment of major fabrication yards and manufacturing hubs in the country.
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He attributes the improvement to local oil and gas service businesses developing crucial skills and assets. He also noted the improvement will increase domiciliation and domestication of industry activities.
“Nigeria has progressed from near-zero involvement in oil and gas operations. It has gotten to the point where our indigenous operators such as SEPLAT, AITEO, EROTON, and others are now responsible for 15% of our oil production and 60% of our domestic gas supply,”