The Nigerian Content Development and Monitoring Board (NCDMB) says the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, has brought tremendous transformation in the sector and is expected to attract $25 billion (N9 trillion) investment in the next two years.
Mr Simbi Wabote, the Executive Secretary, NCDMBmade the assertion while addressing newsmen on Thursday in Lagos on the upcoming Nigerian Oil and Gas Opportunity Fair (NOGOF) planned for Yenagoa, Bayelsa from April 2 to April 4.
Wabote said the country’s oil and gas industry was looking positive in spite of the changing dynamics in the global market which led to crude oil pricing uncertainties and the Petroleum Industry Governance Bill (PIGB), hanging in the National Assembly.
He said that since the legislation came into effect, the oil and gas industry had recorded significant Foreign Direct Investment (FDI) from pipe mills and growth in Nigerian-owned marine vessels.
He said the industry recorded 20 billion dollars investment in the last two years, with various projects pursued by International Oil Companies (IOC’s).
The executive secretary disclosed that certain key Final Investment Decisions, (FIDs) would be concluded before the end of the year and would set a new pattern of growth for the industry.
Wabote said the major focus of the Nigerian Content Law was “domiciliation” of value-adding activities, which had identified investment opportunities in fabrication and construction and manufacturing of component parts.
Others, he said, included equipment, spare parts, accessories, drilling fluid, Sub-sea production systems, line pipes, and Personal Protective Equipment (PPE) among others.
On NOGOF 2019, with the theme, Maximising Investments Into The Nigeria Oil and Gas Industry for the Benefit of the Nigerian People”, he said the fair was another milestone achieved by the Board.
He explained it was uncommon to find players in the sector and beyond to come together in the same room to support Nigerian content.
“So it is with great pride that we are able to bring together major players across the Upstream, Midstream and Downstream sectors of the Nigerian Oil and Gas industry as well as government agencies, industry regulators and the National Assembly to showcase opportunities in this industry and present available in-country capacity to all stakeholders in attendance.
“One of the key objectives of the fair, is to bring together governments, national oil companies, investors, corporate players and independents to give them unique space in the country to network, discuss and share knowledge.
“The potential benefits of the fair include, integrating oil producing communities into the oil and gas value chain, fostering institutional collaboration and maximising participation of Nigerians in oil and gas activities.
“It will also link oil and gas sector to other sectors of the economy, maximise utilisation of Nigerian resources, including goods, services and assets and attracting investments to the Nigerian oil and gas sector,” he added. (NAN)