Local content investment grew by 54% in 2022 – FG

The federal government has said that indigenous investments and participation in the oil and gas industry grew by 54 percent in 2022, which aligns with the plan to achieve 70 percent by 2027.

Simbi Wabote, executive secretary of the Nigerian Content Development & Monitoring Board (NCDMB), disclosed this in Abuja on Wednesday during a press briefing to herald the fourth edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF).

“With the advent of NOGOF, today, 50 percent of the activities in NLNG Train 7 project are being done by Nigeria because we provided the required information on capacity building; the industry those days spent close to $21 billion yearly in the oil and gas sector, less than 5 percent remains in the Country, today 54 percent of that is retained in the Country in terms of monetary value and activities,” he said.

Wabote said the event aims to promote the development of local capacities and capabilities in the Nigerian oil and gas industry, foster institutional collaboration, maximise the participation of Nigerians in oil and gas activities, link the oil and gas sector to other sectors of the economy, and fully utilize Nigeria’s abundant resources, among other objectives.

The 2023 NOGOF event is scheduled to hold from May 17 to 19 2023 in Bayelsa with the theme ‘The Oil and Gas Industry – Catalyst and Fuel for the Industrialization of Nigeria’.

He said the NCDMB has prepared a Compendium of Nigerian Content Opportunities in the Oil and Gas Industry 2023 for delegates which will guide the investment strategies of interested investors while providing a valuable resource that aligns with the local content requirements of the industry.

“Our goal is to use NOGOF as a platform to promote the key objectives of the Nigerian Oil and Gas Industry Content Development Act 2010, and drive growth and development across the Nigerian oil and gas value chain,” he said.

Interested stakeholders are advised to visit the dedicated NOGOF 2023 website for information on how to get involved in any capacity.