From Femi Folaranmi and Adewale Sanyaolu, Yenagoa
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Kesiye Wabote, has harped on the need for stakeholders to join hands to stop the decline of the oil and gas industry and ensure it contributes to the double-digit growth of Nigeria’s GDP.
Wabote who spoke at the fourth edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) 2023 at Nigerian Content Tower, Yenagoa, Bayelsa capital stated that the theme: Oil and Gas Industry- Catalyst and Fuel for Industrialization of Nigeria’ reflects the pivotal role the oil and gas sector is expected to play in driving the economic growth and development of Nigeria.
According to him, the expected role of the oil and gas industry has been dwindling due to missed opportunities due to policy inconsistencies, deferred decisions and investment apathy.
Wabote who drew attention to the slow growth of Nigeria’s Gross Domestic Product (GDP)between 2021 and 2022, added that “we need to drive the growth rate to double digits for us to achieve the level of economic advancement and development that we desire.”
He noted that the oil sector has dropped behind agriculture, trade, and telecommunications in terms of the sector’s contribution to Nigeria’s GDP, stressing that it is incumbent for stakeholders to salvage the oil sector to enable it to increase its contribution to the GDP to double digits like other major oil producing countries.
Wabote listed the objectives of the NOGOF 2023 to include, showcasing opportunities in the Upstream. Midstream and Downstream sectors of the Petroleum Industry.
He also stated that the NOGOF is expected to provide Nigerian companies and prospective investors an opportunity to showcase their capabilities and build synergies with foreign and local investors.
Wabote also disclosed that the Biennial event is to provide stakeholders with information on upcoming projects to enable Nigerian companies and manufacturers to tailor their business development strategies while also identifying high-impact activities with potential for in-country value addition with a 5-year outlook to deepen the practice of Nigerian Content.
”As the Number 1 MDA in the Ease of Doing Business, I make bold to say that the Board will continue to support ongoing projects and any new opportunities that will be identified from this Opportunity Fair in line with our SLA.
“I, therefore, implore all stakeholders to count on us to support the realization of their target opportunities. As an incurable optimist, I look forward to the oil and gas industry truly fueling the industrialization of our nation by the time we hold the next NOGOF event,” he said.