Indigenous Oil firms gets 70% Of NCDMB’s $200Mn Local Content Fund- Wabote



Executive Secretary of the Nigerian Content Development Monitoring Board, Simbi Wabote, has disclosed that so far indigenous oil and gas companies have accessed 70 per cent of the Board’s , $200 million Local Content Fund.

Wabote, revealed the figure through the Board’s General Manager, Corporate Communications and Zonal Coordination, Dr. Ginah O. Ginah at the capacity building workshop for media stakeholders in Lagos.

The Nigerian Content Intervention, NCI, Fund, is an NCDMB fund managed by Bank of Industry Limited, BOI and designed to increase indigenous participation in the oil and gas industry, build local capacity and competencies, promote the growth and development of Nigerian Content in activities connected with Nigerian oil and gas industry, deepen the creation of linkages to other sectors of the national economy and boost industry contributions to the growth of Nigeria’s Gross Domestic Product, among others.

Speaking on the theme, ‘Strategic Communication – A Critical Enabler to Attainment of Nigerian Content 10-years roadmap’, Wabote, said the already-accessed 70 per cent fund was from 2017 when the loan was flagged off.

He explained, during his presentation ‘Philosophy, Objectives of the NOGICD Act and Operations of the Nigerian Content Development & Monitoring Board’ that the Bank of Industry will replenish the 70 per cent of the fund already accessed based on how the beneficiaries pay back the loans.

Applications from local companies for the remaining 30 per cent are still currently being accepted, he said.

Also, in advancement of its 10 years transformation roadmap, which commenced in 2017, Supervisor, Strategy and Transformation of the Board, Olubisi Okunola disclosed that the Board’s Nigerian content mark has hit 30 per cent in 2019, and plans are underway to achieve the remaining 40 per cent by 2027.

According to him, hitherto the transformation roadmap, the focus was on upstream, but going forward, as part of efforts to attain the remaining 40 of the 70 per cent target, more attention would be shifted to the midstream, downstream and sectorial linkages.

He explained that there were five pillars (building technical capabilities, compliance to the NOGICD act, enabling business environment, organisation capability, sectorial and regional market linking), and four enablers (funding, regulatory environment, collaboration and stakeholders’ engagement, research and statistics) under the roadmap, while 20 out of the 25 short term initiatives have been achieved.

The board further mentioned some activities such as expansion of LPG, through local manufacturing of gas cylinders, support of modular refineries among others.

Associate Professor of Publishing and Media Studies, Department of Mass Communication, Babcock University, Dr. Samuel Okere, advised energy correspondents in attendance to take advantage of evolving media reporting skills and tools to improve their competences on the job.

On his part, Chido Nwakanma of the Pan-Atlantic University took the attendees on the ‘Role of Media & Communication to the Attainment of Nigerian Content 10 Year Roadmap Competences of Energy Correspondents’.

He said perspectives of energy correspondents to reporting the Board’s activities contribute to either the success or failure of its activities.

Mr. Nwakanma harped on the importance of good and balanced reporting.

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