LAGOS, Nigeria (VOICE OF NAIJA)-The Nigerian Content Development and Monitoring Board (NCDMB) has commended President Bola Ahmed Tinubu for unveiling three Presidential Executive Orders aimed at bolstering the Nigerian oil and gas industry.
The orders aim to incentivize the sector, attract new investments, streamline contracting processes, and enhance cost efficiency in local content requirements.
The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, praised the directives while speaking at the Nigerian Content Tower in Yenagoa, Bayelsa State.
He highlighted that these policy directives reinforce the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and institutionalise Service Level Agreements (SLAs), initially introduced by NCDMB in May 2017.
READ ALSO: Tinubu Appoints Ex-LAMATA MD Mobereola as NIMASA DG
According to Ogbe, the Executive Orders do not diminish the authority of NCDMB or alter the NOGICD Act’s schedule.
“Executive Order 41 mandates the patronage of local companies with proven capacities to ensure cost competitiveness and timely project delivery.
“Meanwhile, Executive Order 42 reiterates NCDMB’s obligation to expedite approval processes as mandated by SLAs and the NOGICD Act,” Ogbe said.
Assuring compliance with the Presidential Executive Orders, Ogbe emphasised NCDMB’s commitment to pragmatic implementation and cost-effective project management.
He stressed that the objectives of the orders and SLAs aim to shorten the industry’s contracting cycle, spur project development, increase oil production, and enhance the national economy.
Ogbe lauded President Tinubu’s recognition of Nigerian Content development achievements, including the strides made by local oil and gas service companies and the significant economic benefits accrued.
He affirmed NCDMB’s dedication to facilitating business growth, citing accolades from the Presidential Enabling Business Environment Council (PEBEC) and the Bureau for Public Service Reforms for the agency’s efficient operations and reforms.
“The implementation of these Executive Orders underscores President Tinubu’s commitment to advancing the Nigerian oil and gas industry and promoting economic prosperity in the country,” he added.