From Adanna Nnamani, Abuja
The Federal Government on Wednesday, said it had increased indigenous investments and participation in the oil and gas industry to 54 per cent in 2022 even as it restated its commitment to raise the number to 70 per cent by 2027.
Mr Simbi Wabote, Executive Secretary of the Nigerian Content Development & Monitoring Board, (NCDMB), disclosed this on Wednesday during a press briefing to inaugurate the 4th edition of the Nigerian Oil and Gas Opportunity Fair, 2023, in Abuja.
Wabote said the board was dedicated to enhancing the capabilities of domestic oil and gas producers in accordance with its 10-year strategic roadmap.
He said that since its inception in 2017, the NOGOF had had a significant impact on the business, adding that this year’s event would not only live up to expectations but also act as a springboard for resolving issues plaguing Nigeria’s oil and gas sector.
“With the advent of NOGOF, today, 50 per cent of the activities in NLNG Train 7 project are being done by Nigeria because we provided the required information on capacity building. I sincerely believe in the future that almost 70 per cent of activities in the oil gas sector will be done by Nigerians in-country.
“The industry those days spent close to $21 billion yearly in the oil and gas sector, less than 5 per cent remains in the Country; virtually everything was done outside Nigeria, today 54 per cent of that is retained in the Country in terms of monetary value and activities.
“Our Sister African countries keep coming to Nigeria to seek advice on the strategies to develop the Oil and gas sector. Recently when the CEOs of National Oil Companies met in Algeria, they decided that the Commission should help them develop their sector. Also, in Gambia, when they discovered crude oil and approached the World Bank, which directed them to NCDMB to understand the strategies needed to succeed”, he said.
Th NOGOF 2023, scheduled for May 18 and 19 in Bayelsa, with the ‘The Oil and gas Industry: Catalyst and Fuel For Industrialisation of Nigeria is expected to stimulate investment and foster growth within the oil and gas value chain.