NCDMB lifts in-country value retention to 26%

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, said with the intervention of the board, the nation’s in-country value retention has increased from less than five per cent before the NOGICD Act to the current 26 per cent.

Speaking at the maiden edition of the Oil and Gas Research and Development Fair and Conference in Lagos, Wabote said since the act came into effect, NCDMB had developed two world class pipe mills and five pipeline coating plants, and grown fabrication capability to over 60,000 metric tonnes per year with the capacity to carry out over 80 per cent of engineering design incountry.

“We have created over 30,000 direct jobs, delivered over six million training man-hour, witnessed the award of over 90 per cent of contacts to Nigerians, witnessed the growth of successful indigenous operators, put in place facility for FPSO integration and many more,” he said.

The executive secretary further said the board had developed a 10-year vision to increase incountry value retention from 26 per cent to 70 per cent within the next 10 years, adding that research and development would definitely play a key role in the vision as NCDMB sought to domicile and domesticate activities in the oil and gas industry.

“Already, we have selected five foremost researchers in the oil and gas sector that would be awarded a pilot grant of N56m. This will assist in developing their inventions further to commercially acceptable standards,” he said.