By Chioma Iruke
The Nigerian Content Development and Monitoring Board (NCDMB) has stated that Nigeria has invested up to $5billion to build local content.
This revelation was made on Monday by the Executive Secretary of the NCDMB, Engr Simbi Wabote in Abuja, while presenting a paper at the May edition of the Bureau of Public Service Reforms (BPSRs) Seminar held in the Ministry of Finance.
In his paper titled ‘NCDMB; Strategic Road Map, A Catalyst for the Industrialization of Nigeria’, Engr Wabote noted that the Board has been able to achieve 35 percent Nigerian Content as at 2021, adding that “with the way we are going we will get to 70% by the year 2027.”
“Right now, about $5billion is spent in-country to build local Content. For you to drive Local Content, you must be Passionate, Professional, Creative, Patriotic, you must have integrity and and have team spirit,” he added.
He recalled that the two key mandates of the NCDMB are; “to develop local capacitance capabilities without compromising standards and monitor and enforce the provisions of the NOGICD Act, 2010.”
The NCDMB boss listed the Board’s interventions as: $228million for gas, $80million for modular refineries and $24million for other interventions, as well as $332million commercial ventures used to attract $3.7billion.
He emphasized that local content implementation is not a sprint or a CSR, but a marathon and a business.
“Section 104 of the Act, a fund known as the Nigerian Content Development Fund is established for the purposes of funding the implementation of Nigerian Content Development in the Nigerian oil.
“In the NOGICD Act, section 3, 12 & 28 states that first consideration shall be given to Nigerian operators in award of blocks and licenses, Nigerian goods and services in the evaluation of bids and the employment and training of Nigerians,” he added.
