Nigerian Content in Oil sector grows 42% in 17 years
The Nigerian Content Development and Monitoring Board (NCDMB) says it has grown Nigerian content in the oil and gas sector from 5 per cent local content before the enactment of the NOGICD Act 2010 to 42 per cent.
This came even as the NCDMB, Executive Secretary, Mr Simbi Wabote, noted that Nigerians were reversing dominance by foreign companies.
Speaking yesterday at a Local content workshop for the Judiciary in Bayelsa on the theme, ‘Philosophy and the imperatives of the Nigerian Oil and Gas industry content development (NOGICD) Act’ Wabote noted that the growth, translates to retention of over $8 billion of the $20 billion annual spending in the industry, within the Nigerian economy and part of the NCDMB’s 10-year plan (2017-2027) to achieve 70 per cent by 2027.
“Currently Nigerian-owned oil companies produced 15 per cent of the country’s daily oil output and account for some 60 per cent of domestic gas supply.
“Available records indicated that 40 per cent of vessels deployed in the sector were owned by Nigerians.”
On his part, NCDMB, Head of Legal Services, Mr Naboth Onyeso, noted that although oil and gas was on the exclusive legislative list, some conflict arising from the implementation of the NOGICD Act may be brought before the state judiciary.
He said that the NCDMB saw all levels of the judiciary at state and federal levels as critical stakeholders who needed to understand the NOGICD Act.
He said that the Petroleum Industry Act (PIA) reinforced the NOGICD Act as it complemented the legislation.
Mrs Kate Abiri, Chief Judge of Bayelsa, who served as a resource person in one of the technical sessions on the; “Role of the Judiciary in attaining the goals of the NOGICD Act” examined all the sections of the Act.
She said a detailed grasp of the contents and intents of the legislation was crucial for the judiciary to give unbiased interpretation of the law.