Nigeria saves N9.1tr through local content policy, says NCDMB boss

Lagos seeks oil bloc over plan to generate 3, 000mw

The implementation of local content policy in the oil and gas industry has saved Nigeria about N9.1 trillion ($30 billion) and hundreds of thousands of jobs in manufacturing, engineering, sciences and technical services from 2010 and 2017.

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, while speaking at the 2017 inauguration of national executive council members of the Oil and Gas Trainers’ Association of Nigeria (OGTAN) yesterday in Lagos, said that the country was spending $20 billion yearly from wholesale importation of goods and services before the enactment of the local content initiative.

Wabote said that Nigeria has become a regional hub for oil and gas services in research, fabrication, engineering and technical services, which were hitherto imported into the country.

He noted that before the enactment of the local content policy, foreigners were doing jobs with less than 5 per cent indigenous input. Speaking also at the event, the Lagos State Governor, Akinwunmi Ambode said that the recent commencement of production of crude oil in the state would generate job, massive investment and increase the country’s Gross Domestic Product (GDP).

Ambode, who was represented by the Commissioner for Energy and Mineral Resources, specifically urged the Federal Government to allocate the remaining oil blocs to Lagos to enable the state get gas for the power plants to generate 3,000 megawatts off the grid.

He disclosed that the state government was working with regulators and stakeholders in the power sector to actualise this vision and ensure that they provide sufficient energy for Lagos residents.

The President of OGTAN, Dr. Mayowa Afe, called on the National Assembly to pass the Petroleum Industry Bill (PIB), as this will help establish the necessary framework for doing business in Nigeria and boost investor’s confidence.