The executive secretary, ES, of the Nigerian Content Development and Monitoring Board, NCDMB, Simbi Wabote, said the country’s oil and gas industry is moving forward despite changing dynamics in the global market which is creating crude oil pricing uncertainties and even with the Petroleum Industry Governance Bill, PIGB, hanging in the National Assembly.
Addressing the media in Lagos yesterday on the upcoming, Nigerian Oil and Gas Opportunity Fair, NOGOF, Wabote, said 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 investment in the next two years.
Wabote, said since the legislation came into effect, the oil and gas industry has recorded significant Foreign Direct Investment (FDI) in pipe mills and growth in Nigerian owned marine vessels.
He said, the industry recorded $20 billion investment in the last two years, with various projects being pursued by International Oil Companies, IOC’s.
The ES, disclosed that certain key Final Investment Decisions, FIDs, would be concluded before the end of the year that will set a new pattern of growth for the industry.
Wabote said the major focus of the Nigerian Content Law is “domiciliation” of value-adding activities, which has identified investment opportunities in fabrication and construction; manufacturing of component parts, equipment, spare parts, accessories, drilling fluid, Sub-sea production systems, line pipes, and personal protective equipment (PPE) among others.
Speaking on NOGOF 2019, with the theme, Maximizing Investments Into The Nigeria Oil and Gas Industry for the Benefit of the Nigerian People”, he said the fair is another milestone achieved by the Board, because it is 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”.
He said that 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, maximizing participation of Nigerians in oil and gas activities, linking oil and gas sector to other sectors of the economy, maximizing utilization of Nigerian resources, including goods, services and assets and attracting investments to the Nigerian oil and gas sector.