NCDMB institutes $50M R&D intervention fund, flags off Roadshow

The Executive Secretary of the Nigeria Content Development and Monitoring Board, ( NCDMB) Simbi Wabote has stressed the Board’s commitment to change the narrative in research and development activities in the oil and gas industry with the implementation of the R& D Framework and the hosting of an R& D Fair and Conference to engender stakeholders’ participation.

Simbi Wabote made the statement during the flagged off the NCDMB Research and Development, Fair and Conference Roadshow before the Hon. Minister of State for Petroleum Resources, Timipre Sylva in Abuja.

The Executive Secretary who enumerated the achievements of the maiden edition of the R & D Fair in 2017, explained that the Board intends to develop an R&D specialized centre in Yenagoa with a model to convert ideas to products. He also dropped the hint that the Board is providing leadership in its drive for research development by launching a $50million R&D intervention fund to enhance the role of R&D in developing local content and for other stakeholders to contribute to the fund as most countries who have invested in R&D are optimal in their GDP.

In his response, the Minister of State for Petroleum Resources, Timipre Sylva commended the Board for the R&D initiative which according to him, is a good start and promised to be at the Fair and Conference to declare it open and carry out any other function that may be required of him.

The Minister stated that R&D is a major pathway to job creation and the transformation of the nation from a resource-based to a knowledge-based economy. He, however, regretted the non-responsiveness of the industry and the academia to research development and urged the industry to engage in R&D as the country is striving to move from an oil-based to a knowledge based homegrown technology after over five decades of oil production.

Sylva charged the industry to collaborate more with the academia to bring about home grown solutions to the nation’s problems. He further mentioned that the issue of climate change is a problem of carbon emission, not necessarily transition to renewables, hence, the industry should research into how it can reduce the carbon emission from oil exploration activities as the nation has far too long allowed other climes to dictate the narrative for us.

In a related development, the Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Mele Kolo Kyarihas pledged NNPC’S resolve to partner with relevant government agencies and NCDMB on its steering committee to make decisions that will jointly support innovations in the oil and gas industry that will be beneficial to the nation.

Kyari made this known at the NCDMB Research and Development, Fair and Conference Roadshowvisit to him by the Executive Secretary of the Board, Simbi Wabote.