ENUGU, Nigeria (VOICE OF NAIJA)- As part of efforts to strengthen collaboration and advance the implementation of local content initiatives in the oil and gas sector, the Senate Committee on Local Content held its inaugural meeting with the Nigerian Content Development and Monitoring Board (NCDMB).
The NCDMB Corporate Communications in a press statement disclosed this on Friday.
Both parties during the meeting chaired by Senator Natasha Akpoti-Uduaghan, pledged to work together to deepen the execution of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, with a focus on creating employment opportunities and stimulating economic growth.
On his part, Senator Akpoti-Uduaghan highlighted concerns about unemployment and emphasized the importance of leveraging local content policies to drive employment generation and economic diversification.
The Committee requested performance reports from the NCDMB on various aspects of local content implementation, including third-party investments, capacity building programs, and research and development initiatives. Additionally, they sought recommendations for amending the NOGICD Act to enhance its effectiveness.
Discussions also touched on the status of the Nigerian Content Development Fund (NCDF) and the Nigerian Content Intervention Fund (NCI Fund), with the NCDMB providing insights into their management and utilization.
The Committee Chair further criticised the international oil companies (IOCs) in Nigeria over their failure to invest in the petrochemical sub-sector and other associated manufacturing activities, whereas IOCs in other oil producing jurisdictions make such investments and contribute significantly to those economies. She announced that the committee would invite the IOCs and other relevant agencies of Government, with a view to compel the companies to create tangible value in the Nigerian economy beyond the extraction and sale of crude oil.
She said: “We need to get them around the table and tell them what we want as a country as against watching them export crude oil only.”
The NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe, expressed gratitude for the collaborative approach and affirmed the Board’s commitment to supporting the Committee’s mandate. He provided updates on the NCDMB’s performance in meeting local content targets and outlined initiatives to promote indigenous participation in the oil and gas sector.
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The Director of Finance and Personnel Management at NCDMB, Dr. Obinna Ofili, offered clarity on the NCI Fund and NCDF, highlighting their significance in facilitating access to financing for qualified companies, including women entrepreneurs in the oil and gas industry.
Looking ahead, the Director of Monitoring and Evaluation, Mr. Abdulmalik Halilu, assured the Committee of the NCDMB’s readiness to engage in discussions regarding proposed amendments to the NOGICD Act, underscoring the Board’s proactive approach to legislative review.
The meeting underscored the importance of collaboration between regulatory bodies and legislative institutions in driving policy implementation and fostering sustainable development in critical sectors of the economy.