Adaobi Rhema Oguejiofor
The Nigerian Content Development and Monitoring Board (NCDMB), on the heels of the remarkable discovery and exploration of petroleum resources across several countries in Africa, has proposed strategies that would help these nations to create sustainable Local Content practices, achieve in-country value addition, and benefit maximally from the exploitation of their hydrocarbon resources.
The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, presented the proposed strategies at the two-day Namibia Oil and Gas Conference that was just recently concluded in Windhoek, Namibia.
Wabote revealed that Africa currently accounts for about 12 percent of the annual global oil production, but only consumes less than 4 percent of the global production. He described the situation as potential opportunities in the production, processing, and utilization of oil and gas within the continent for improvement in the standard of living.
The NCDMB Boss, while speaking as the preeminent local content advocate in Africa, gave an overview of key parameters that are essential to in-country value addition and growth of the sector on a sustainable basis.
In his own words, “an enabling regulatory framework backed with the appropriate legislation is very fundamental in local content practice, and it is better than directives or policies that are subject to speculations or compliance on ‘best endeavor’ basis. Once such a statute is in place it is no longer optional or debatable whether to comply with local content requirements.”