Nigeria To Retain $14Bn Annual Oil And Gas Spend In-Country

Yemisi Izuora 
The federal government has given the assurances that out of the $20 billion spent by International Oil Companies, IOC’s by engaging foreign contractors, $14 billion would be retained in-country in the next ten years.
Giving this assurance in Lagos, the executive secretary of the Nigerian Content Development and Monitoring Board, NCDMB,  Simbi Wabote in his speech at the first education summit organised the Oil and Gas Trainers Association of Nigeria, OGTAN, said already the agency has achieved $5 billion annually through effective implementation of the Local Content Act.
Wabote also disclosed that apart from the remaining 5 per cent of the industry spend,  300,000 jobs have equally been created.
Moving forward the executive secretary disclosed plans to unveil a Research and Development Fund in collaboration with the academia to foster research and development in the oil and gas industry.
He said the agency is shifting emphasis from building capacity to skill development that gears towards engagement of those that benefit from the training.
Additionally, the NCDMB has developed a ten year strategic plans that will facilitate achievement of the ambitious 70 per cent in-country job retention set by the agency.
He said the agency would continue to pursue all the identified parameters that are germaine to  building strong local content structure in the country.
These parameters include, capacity building, strong regulatory framework, gap analysis, research and development and funding and incentives.
In his remarks, the group managing director of the Nigerian National Petroleum Corporation, NNPC,  Maikanti Baru stressed the need for the country to develop and adopt research and development structure that will create opportunities in the industry through risk reduction and production cost.
Baru promised to collaborate with OGTAN to accelerate skills development in the industry in order to keep pace with global changing environment.


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