The Senate Committee on Local Content and the Nigerian Content Development and Monitoring Board (NCDMB) are set to collaborate and deepen the implementation of local content in the oil and gas industry and linkage sectors.
In a statement on Friday, Natasha Akpoti-Uduaghan, chairman of the committee, said it would not antagonise the board and other entities under its supervision but would collaborate towards effective implementation of the board’s mandate for the benefit of Nigerians.
Akpoti-Uduaghan emphasised the need to deepen the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, to create employment opportunities from the activities in the oil industry and catalyse other sectors of the economy.
“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.”
Felix Ogbe, executive secretary at NCDMB, thanked the committee for adopting a cooperative approach and assured that the board would provide all the requested documentation and partner effectively, to achieve the mandate of the committee and that of the Board.
On the board’s performance, Ogbe said the Nigerian Content level for 2022 and 2023 stood at 54 percent and the board is on course to accomplish the 70 percent target for 2027, as set in the Nigerian Content roadmap.
Obinna Ofili, director finance and personnel management of NCDMB, provided clarity on the performance of the Nigerian Content Intervention Fund (NCI Fund) and the Nigerian Content Development Fund (NCDF).
Ofili explained that the NCI Fund is managed by the Bank of Industry (BoI) on behalf of the Board, and $300 million was deposited with the BOI.
He clarified that the NCI Fund is a portion of the NCDF – which is pooled from one percent of every contract awarded in the upstream sector of the Nigerian oil and gas industry, as specified in section 104 of the NOGICD Act.