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Tuesday, March 5, 2024

Nigerian Content Retains $8 Billion Per Year, Sustains 50,000 Jobs

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.  

Nigeria’s Greatness lies in its support for local businesses – SON

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,” 

Chinaza Ogbachalu
Chinaza Ogbachaluhttps://www.chinazaogbachalu.com/
My name is Chinaza Ogbachalu, and I am a writer. I have been writing news and opinion articles for five years plus and have always had a passion for storytelling. I grew up in Nigeria and graduated from the University of Port Harcourt, Nigeria, with a degree in linguistics and communication studies. I have written books that have been well-received by critics and readers alike. My work often focuses on culture and lifestyle, and I draw inspiration from my own experiences and observations of the world around me. As a news writer, I am responsible for researching and writing engaging and accurate news stories for our online audience. I have a strong passion for current events and am skilled at conducting interviews and gathering information from sources. I am grateful for the support of my readers and am constantly humbled by their enthusiasm for my work. Thank you for taking the time to learn more about me and my writing.
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