The House of Representatives has lauded the Nigerian Content Development and Monitoring Board (NCDMB) for the effective implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010.
The Chairman of the House of Representatives Committee on Nigerian Content Development and Monitoring, Rt. Hon. Legor Idagbo conveyed the commendation when members of the committee visited the NCDMB recently as part of their oversight visit to the Nigerian Content Tower, headquarters of the Board and other strategic projects in Yenagoa, Bayelsa State.
Hon. Idagbo commended the Board for successfully implementing policies that have grown indigenous participation in the oil and gas industry to 42 percent and retained over US$8bn in the Nigerian economy out of over $20bn value of projects executed in the industry. He added that the Board ensured that over 80 percent of contracts in the industry were awarded to Nigerian companies, and nurtured about 100 companies under the project 100 initiative.
“NCDMB has demonstrated that it is not just a regulator but an enabler of business,” he said.
He further extolled the Board for the prudent and efficient management of the Nigerian Content Development Fund (NCDF), which has created accessible and low-cost credit which enabled Nigerian companies to access funds used in acquiring assets, execution of contracts, setting up manufacturing facilities, or refinancing high-interest loans.
He congratulated the Board for launching the $50 Million R&D fund, particularly the initiative to commercialize research findings and promote home-grown technology development. ”R&D is a very important pillar for sustainable local content.” Idagbo said.
Idagbo hinted that the House Committee on Nigerian Content Development and Monitoring was constituted to oversee all matters associated with Local Content Policies in different sectors of the economy and ensure compliance with laws relating to Local Content.
He further mentioned that the committee has made considerable progress with the Bill to Provide for the Development, Regulation and Enforcement of Nigerian Content in all Sectors of the Nigerian Economy except the Oil and Gas Sector; and A Bill for an Act to Amend the Nigerian Oil and Gas Industry Content Development Act.
“Our inclusion of local content philosophy in the PIA will no doubt give further impetus to the realization of 70 percent local content target, as all project promoters operating in Nigeria are mandated to comply with the NOGICD Act in all contractual arrangements.” He said.
He assured that the legislature will continue to support local content development by strengthening the provisions of the NOGICD Act, through ongoing amendment to NOGICD Act as well as enactment of laws that remove bottlenecks to local production of goods of services.
In his welcome address, the Executive Secretary, NCDMB, Engr. Simbi Wabote thanked the members of the House Committee on Nigerian Content Development and Monitoring for their timely oversight visit to the Board. He noted that it accords members the opportunity to have first-hand experience of the workings of the Board, even as the Committee works on two important bills to further develop local Content in the Country.
He further noted that the importance of Local Content development to the industrialization and all-round development of Nigeria cannot be over-emphasized.
“The Nigerian Oil and Gas Industry Content Development Act 2010 is a product of the National Assembly, so it is only natural that an amendment of that bill is done by the National Assembly,” he said.
Wabote further made a detailed presentation debriefing the committee members on the Background on the establishment of the NCDMB; NOGICD Act where he discussed key provisions of the NOGICD Act of 2010. He also highlighted key achievements so far realized by the Board to deepen Nigerian Content level in the Oil and Gas Sector; and provided an overview of the Board’s 10 Years Strategic Roadmap.
He further appreciated the National Assembly for the passage of the Petroleum Industry Act (PIA) which he rightly noted has further reinforced the role of the NCDMB in the Oil and Gas Industry. He lauded the PIA as “a good bill that if well implemented will positively change the face of this country.”
As part of the oversight visit, the Committee paid a courtesy call to the Governor of Bayelsa state, Senator Douye Diri. Speaking at the visit, Hon. Idagbo expressed satisfaction over the fruitful interactions with the Board and stressed that it is their constitutional responsibility and part of their legislative function to strengthen the NCDMB and sponsor bills in line with current realities.
He commended Governor Diri for his partnership with the NCDMB by providing infrastructure at the Oloibiri Museum and Research Centre project, for ensuring peace and stability at the Board’s headquarters and other project sites in the state.
In his response, the Governor, Sen. Douye Diri commended the robust partnership between the state and the Nigerian Content Development and Monitoring Board (NCDMB), which he said is the only functional federal presence within the state capital of Yenagoa.
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