Yemisi IzuoraThe Nigerian Content Development and Monitoring Board, NCDMB, is stepping up efforts to raise the current $200 million Intervention fund to $1 billion in the next three year to enable it achieve its set objectives.
The executive secretary of the Board Simbi Wabote said the managers of the fund, the Bank of Industry, BOI, has been directed to increase the fund to $1 billion to create more lending opportunities for Indigenous operators in the industry.
Wabote who spoke at the opening of a 3 day Nigeria Oil and Gas Industry Research and Development Fair and Conference, organized by the Board in Lagos said the agency is bringing Research and Development into focus to help sustain Industry growth and development.
Meanwhile the Research and Development, R&D, department of the Nigerian National Petroleum Corporation, NNPC, would soon be incorporated as a limited liability company so that it will sustain its new operational guidelines.
The group managing director, GMD, of the NNPC, Maikanti Baru who gave the indication in Lagos at the same forum, said the Corporation is looking at improving industry performance through the research department.
Baru who was represented by Victor Adeniran Chief Operating Officer of the agency said going forward the unit will intensify its partnerships with research institutions, international oil companies and Universities to boost its operations.
He said the unit under the new operational guidelines will produce research results that will help NNPC in its reservoir detection, enhance oil recovery, well drilling and field development.
Baru also said the research outcomes in the new dispensation would help boost refinery optimisation.
“Our aim is to make the department serve the Sub-Saharan Africa because the R&D will help in the development of intellectual property, innovation and knowledge management, establishment of linkages and capacity building and increased revenue”, he noted.
The GMD said this new responsibility can be facilitated by incorporating the department as a limited liability company to work independently so as to achieve its objective.
He further disclosed that the NNPC has developed a 5 year strategic road map to transform the department.
Baru informed that under the plan the unit will create a dual career path to develop research of international repute, strengthen technology through partnerships and collaboration, increase presence in solving Industry problems and play leading roles in research and development in universities and institutions of higher learning across the country.
Wabote who equally spoke on the issue of R&D observed that Nigeria’s challenges in research and development has resulted in huge capital flight as major oil companies execute their research activities in their own countries.
He further observed that infrastructure gap and inadequate funding has further challenged efforts to boost research activities.
He said however that with the new policy direction and the recently launched $200 million intervention fund by the Board which is managed by the Bank of Industry, BoI, will support research effort and boost indigenous company capacities.
He said the Board has directed BoI to boost the fund to $1billion in the next three years.