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By Amos Okioma, Yenagoa
The Nigeria Content Development and Monitoring Board (NCDMB) has urged indigenous companies to position themselves to take advantage of new projects valued at about $100 billion in the oil sector.
Mr Simbi Wabote, executive secretary of NCDMB on Thursday said that the rebound of the oil prices, as well as policies of the agency, was responsible for the inflow of investment to the oil and gas sector, adding that the projection is for the next three years.
Wabote who spoke at the panel session of the ongoing Nigeria Oil and Gas Opportunities Fair (NOGOF) in Yenagoa noted that although Nigerian Content has risen to 30 per cent, the board was poised to achieving 70 percent in the next nine years.
He said that the NCDMB has made it compulsory for oil firms to give priority to indigenous firms to boost the participation of Nigerians and reduce the dominance of foreigners in the Nigerian energy sector.
Wabote said that NOGOF was conceived by the board to showcase available opportunities in the oil and gas sector for Nigerian companies and investors to take advantage of.
He said that the inaugural edition of the fair took place in Uyo in 2017, adding that the second edition in 2019 commenced on Thursday at the Yenagoa headquarters of the NCDMB.
Representatives of international oil companies operating (IOCs) in Nigeria took turns to showcase their project opportunities in the next three years and their commitment to Nigerian Content.
Mr Osagie Okubo, chairman of Shell Companies in Nigeria in his presentation noted that Shell would invest at least $15 billion in 24 projects across the offshore and onshore portfolios held by the oil firm.
He said the funds will be deployed to ensure gas supply for trains 1 to 6 of the Nigerian Liquified Natural Gas and train-7 when it comes on stream.
He applauded the Federal Government for clearing the outstanding cash call obligations and reviewing the funding model in the oil and gas sector, adding that the development has given a new lease of life to the industry.
Meanwhile, the occasion was not only applauded, but the organizers were commended as the forum provided participants the opportunity to brainstorm on the operation of the oil and gas sector by the Nigerian businessmen and professionals.
Engr Hassan Adediran, in a chat with journalists, said that the idea for NCDMB to construct a gigantic edifice, not only for its operation, but to accommodate IOCs was a noble one that would boost the economy of the Niger Delta region as it would reduce unemployment and other social vices that are prevalent in the area.
Though he was impressed by the gathering and galaxy of personalities, he suggested that the organizers would have given enough publicity to create awareness, as there are enormous benefits from attending the event. “Enough time would have been given for advert for people to be fully aware of them. Some of us are only aware because we are part of the program, the awareness here is that most jobs given to foreigners can be handled by indigenous companies,” he said.
