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Nigeria Targets $14bn Annual in-Country Spending in Oil & Gas Sector

Nigeria Targets $14bn Annual in-Country Spending in Oil & Gas Sector

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The executive secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Simbi Wabote, yesterday disclosed that out of the $20 billion spent annually by the International Oil Companies (IOCs) to engage foreign contractors, $14 billion would now be retained in-country in the next 10 years.

Giving this assurance in Lagos yesterday, Wabote in his speech at the first education summit organised the Oil and Gas Trainers Association of Nigeria, OGTAN, said already the agency has achieved $5 billion annually through effective implementation of the Local Content Act.

Wabote also disclosed that apart from the remaining five per cent of the industry spend, 300,000 jobs have equally been created. He said there are plans to unveil a Research and Development Fund in collaboration with the academia to foster research and development in the oil and gas industry.

According to him, the agency is shifting emphasis from building capacity to skill development that gears towards engagement of those that benefit from the training.

Additionally, the NCDMB has developed a ten year strategic plans that will facilitate achievement of the ambitious 70 per cent in-country job retention set by the agency.

He said the agency would continue to pursue all the identified parameters that are germane to building strong local content structure in the country. These parameters include, capacity building, strong regulatory framework, gap analysis, research and development and funding and incentives.

In his remarks, the group managing director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru stressed the need for the country to develop and adopt research and development structure that will create opportunities in the industry through risk reduction and production cost. Baru promised to collaborate with OGTAN to accelerate skills development in the industry in order to keep pace with global changing environment.

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