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NCDMB Saves Nigeria $10bn Annually on 55% Local Content Attainment

By Moses Patience Chat

The Nigerian Content Development and Monitoring Board (NCDMB) has taken Nigerian local content level in the oil and gas industry from 5% to 55%, saving the country about $10 billion annually.

NCDMB’s General Manager (GM), Corporate Communication and Zonal Coordination Division, Dr. Ginah O. Ginah, disclosed this on Thursday during a media tour at the park in Odukpani, where he noted that all facilities needed by  investors to thrive in the park’s environment have been provided, especially for manufacturers. 

According to him, the industry spends about $20 billion a year and NCDMB’s goal is to take the local content in the industry up to 70 per cent by 2027, and the best way to achieve that is to ensure local manufacturing of components, which is why the Board is building these parks, such as the one at Odukpani. 

Dr. Ginah also revealed that the Federal Government recently pledged $50 million, which is about N23,125 billion, to attract companies to the parks, and that several of such parks are under construction across the Niger Delta, specifically in Imo, Delta and Ondo States. This, he said, was  part of NCDMB’s efforts to significantly increase production of local content in the oil and gas industry and generally drive Nigeria’s industrialization.

Valuechain learnt that the oil and gas industrial park at Odukpan in Cross River State, which is Nigeria’s first of its kind, has now been equipped with state-of-the-art Information and Communication Technology (ICT) facilities to boost its adaptation capacity.

According to Ginah, some of the state-of-the-art ICT facilities include; clinic, manufacturing hall, security, roads, 24-hours power supply, banking hall, fire service station, water treatment plant, mini parks for accommodation, and free land for investors wishing to erect their own structures.

“We have already advertised for interested manufacturers and are presently going through applications to see those who are qualified,” he said, while explaining further that the facilities available at the Odukpani Industrial Park are some of the things that increase cost of production, if not available. The GM added that with the new park, there will now be a crash in the high cost of production.

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