The Nigerian Content Development and Monitoring Board (NCDMB) is set to expand implementation of the local content policy to the midstream and downstream of the oil and gas sector.
The Executive Secretary of the board, Simbi Wabote, who gave the indication at the opening of the sixth Practical Nigerian Content Conference, in Abuja, explained that a blueprint would soon be unveiled to attract the needed investment to the sector.
He added that beside the creation of industrial park for the sector, the NCDMB is also working towards the establishment of three pipe mills across the country.
Providing an insight into the operations of the Nigerian Content Fund he said: “What this current board will assure you is that soon we will come out with a clear blueprint on how that fund will be utilised to support local content development in our industry.
“I can assure you is that very soon a transparent process of accessing and utilising that fund will be made known to all stakeholders.”
Similarly, the Minister of State Petroleum Resources, Dr. Emmanual Ibe Kachikwu, stressed the urgent need for execution of new projects as a way of boosting local participation in the industry.
Kachikwu, who was represented by his Technical Adviser on Upstream and Gas Policy, Adepite Adenuju, explained that developing Nigerian content has become a ready-made tool to revamp the economy.
According to him, Consistent with the president agenda to diversify the economy and create jobs for our youths, Nigerian content has become a ready tool for economic diversification. This is due to the sectoral linkages that emanate through oil and gas value chain that transcends the industry to other sectors.
In his contribution, the immediate past Executive Secretary of the board, Ernest Nwapa, said Nigerians need to take the lead in efforts to turn around the sector through reduced operating cost.
Nwapa, who chaired the opening session, commended the government for taking steps to diversify the economy. He said oil and gas would continue to play dominant role in the economy.
“We are working with the National Assembly to assist in developing a legislation that would cover the other areas of the economy and not just the oil and gas sector,” he stated.