By Emmanuel Nduka
The Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) has approved a $50million Nigerian Content Research and Development Fund to drive research breakthroughs.
This was announced by the Executive Secretary of the NCDMB, Engr. Simbi Wabote, while speaking at the 3rd Nigerian Oil and Gas Opportunity Fair (NOGOF) 2021.
According to the ES, the funds would be deployed to “drive basic research, commercialization of research breakthroughs, establishment of Centers of Excellence, and to sponsor University endowments.”
While acknowledging that funding is a critical element required to realize Oil and Gas opportunities, the NCDMB boss noted that options for accessing the intervention funds have been widened by increasing its size.
He noted that the impending passage of the Petroleum Industry Bill (PIB), the amendment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, the ratification of the African Continental Free Trade Area (AfCFTA) agreement, and the recently approved Ministerial Regulations, are some of the policies and regulatory-driven opportunities that would come to be soon.
“Three out of the ten (10) Executive Orders issued to date by His Excellency, President Muhammadu Buhari are specifically focused on local content and investment.
“The roll-out of new policies and enactment of new laws typically open new vista of opportunities for discerning investors. The declaration of Years 2021 to 2030 as the Decade of Gas by the Ministry of Petroleum Resources under the leadership of the Honourable Minister of State for Petroleum Timipre Sylva,” he added.
He added that the NCDMB was working out “partnership with Butane Energy to deepen LPG utilization in the North with the roll-out of LPG bottling plants and depots in ten (10) Northern States of Kano, Kaduna, Katsina, Bauchi, Nassarawa, Zamfara, Niger, Plateau, Gombe, Jigawa states and Abuja.
“Partnership with Rungas Group for the manufacturing of 1.2million composite LPG cylinders every year in Bayelsa and Lagos States. Partnership with Brass Fertiliser for the development of a 10,000MT/day Methanol Plant and 500MMscfd gas processing plant at Odiama in Brass.
“Partnership with Duport Midstream for the construction of Energy Park inclusive of a modular refinery, power plant and 40MMscfd gas processing facility at Egbokor, Edo State.
“Partnership with Triansel Gas Limited in Koko, Delta State for the 5,000MT LPG Storage and Loading Terminal Facility. Partnership with NEDO Gas Processing Company in Kwale, Delta State for the establishment of 80MMscfd of Gas Processing Plant and a 300MMscfd Kwale Gas Gathering hub.”
