In a significant development, the Nigerian Content Development and Monitoring Board (NCDMB) has announced its collaboration with Nigeria LNG Limited to establish a cutting-edge virtual platform. This platform will serve as a repository for oil sector project tenders, as revealed during an industry conference held in Abuja on Monday. The NCDMB, a key regulatory body responsible for promoting local content in Nigeria’s oil and gas industry, aims to leverage this partnership to enhance transparency
The Nigerian Oil and Gas Industry Content Development (NOGICD) Act has introduced a significant provision called the Oil and Gas E-Market Place. This platform aims to revolutionize the oil and gas industry by facilitating electronic transactions and enhancing market efficiency. Introducing a cutting-edge virtual platform designed to revolutionize the oil and gas industry’s buying and selling processes. This innovative platform enables users to engage in fast and transparent transactions for goods and services.
In a recent announcement, Simbi Wabote, the executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), revealed plans for a phased roll-out of a significant initiative. The implementation will commence with Nigerian LNG Limited, a prominent player in the country’s liquefied natural gas sector. Wabote’s statement indicates a strategic approach to the implementation of this initiative, suggesting a careful and systematic deployment.
In an earlier statement, a spokesperson revealed that a collaborative effort is underway to establish an E-Marketplace. The initiative involves the formation of a joint working committee, consisting of company members and the Board, who will work together to develop a Blueprint for the Phase-1 implementation of the project. As the project progresses, additional phases will incorporate representatives from the Oil Producers Trade Section (OPTS), Independent Petroleum Producers Group (IPPG), and other relevant stakeholder groups.
In a recent address at the annual Nigerian Oil and Gas conference, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, unveiled a series of initiatives aimed at bolstering local oil and gas companies. Among the notable initiatives highlighted by Wabote was the $300 million Nigerian Content Intervention Fund, which has been established in collaboration with the Bank of Industry (BoI). Additionally, he mentioned the $100 million Matched Fund
A significant portion of these funds, however, have yet to be utilized. During a recent panel discussion, several members shed light on a wide range of challenges that are currently being faced. These challenges encompassed various aspects such as regulatory and fiscal regimes that are perceived as unfriendly, constraints in terms of ease of doing business, and a notable lack of talent.
In a recent statement, the Director of the Nigerian Content Development and Monitoring Board (NCDMB) highlighted the significant obstacles hindering manufacturing within the oil and gas sector. To address this issue, the Board has taken the initiative to establish the NOGAPS Industrial Parks. These parks aim to offer state-of-the-art infrastructure through the implementation of the “sites and services” model, thereby facilitating local manufacturing activities.
In an update, an official revealed that significant progress has been made in the development of Industrial Parks across seven states in Nigeria. These states include Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, and Ondo. The official further disclosed that two specific Industrial Parks, namely the NOGAPS Industrial Parks located in Odukpani, Cross River state, and Emeyal-1, Bayelsa state, are nearing completion and are expected to commence operations in the year 2024.
