Oil, Gas Sector Capacity Building Saves Nigeria Over $10bn -Wabote

Building capacity, enabling capability and creating opportunities for Nigerians in the Oil and Gas sector has saved the nation’s economy over $10 billion dollars year on year in monetary terms and activities.

The Executive Secretary, Nigerian Content Development and Management Board (NCDMB), Simbi Wabote stated this at media briefing in Commemoration of the 4th Nigerian Oil and Gas Opportunity Forum (NOGOF) scheduled to hold between May 18-19 in Yenegoa, Bayelsa State.

Wabote said, the NOGOF conference with the theme, “The Oil and Gas Industry: Catalyst and Fuel for the Industrialisation of Nigeria”, aims at bringing together stakeholder in the oil and gas sector to discuss ways to deepen local content by leveraging on identified opportunities and identify solid ways to move the industry forward.

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He said, the theme was important as it highlights the role of Oil and Gas industry in fueling the overall development of of the economy.

He also said, the NCDMB place high priority on building local capacity of Nigerian in the sector and this has brought about visible gains as so many activities which were hitherto done abroad are now done in the country.

“The industry in those days spent almost $21 billion year on year for oil and gas sector. Less than 5 percent remain in this country. Virtually everything was done outside the country. Today, 54 percent of that is retain in-country in terms of monetary value and activities.

“The LNG project is a total of $5 billion end to end. 50 per cent of it is handled in country and by Nigerians . That is a significant leap and this happened because we’ve provided a lot of Nigerians the opportunity.

“Our goal is to use NOGOF as a platform to promote these objectives and drive growth and development across the Nigerian Oil and Gas value chain.

“We believe this theme is important as it highlights the role of oil and gas industry in fueling the overall development of of the economy.

“We are also raising the bar at this year’s event to include the linkage industries and extending our reach beyond Nigeria to the entire african continent”, Wabote said.

He further said, NCDMB due to its insistence on capacity building has become a reference point, where African countries come to or are directed by the World Bank to understudy what Nigeria is doing

He said, “Today, NCDMB is being sought after by every African country that has discovered hydrocarbon and the question is, how did you do it? How did you get Nigerians to participate? How have you created value?.

“Other African countries keep coming to Nigeria to ask us what are the strategies. Only recently, when the CEOs of national oil companies met in Algeria, they took a decision to say ncdmb need to help every other African country in order to enhance their capacities and capabilities”.

According to the Executive Secretary, NOGOF 2023 has as part of its agenda to includes technical and opportunities section for various stakeholders, an exhibition that will enable networking opportunity to delegates and give organisations, the opportunity to distinguish themselves and present their activities and products to delegates.

He said there will also be a NOGOF award ceremony in recognition of distinguished industry players by the ncdmb.

The Board said, the goal was to showcase various opportunities available in the Oil and Gas Industry and foster partnerships that would drive growth and development in the sector; to recognize that the oil and gas industry has opportunities; to catalize industrialization and promote growth not just in Nigeria but across the continent.

Similarly, the event according to the Board, seeks to bring together stakeholders in the oil and gas sector to discuss ways to deepen local content by leveraging on identified opportunities and identify solid ways to move the industry forward, while providing opportunities for investors, operators, government officials and major players across various sectors to engage in quality discussions.

Recall that NOGOF which holds biannually had it’s maiden edition in 2017 while despite COVID-19, the 2021, 700 delegates registered online and 600 participated on-site.

The event at it’s 4th edition would hold on-site with an opportunity for others to join virtually, leveraging technological advancement.

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