Nigerian Content: NCDMB decries low access to local content fund

Nigerian Content: NCDMB decries low access to local content fund

The Nigerian Content Development and Monitoring Board(NCDMB) on Monday, expressed concern that indigenous companies in the oil and gas industry had not accessed the $600 million Local Content Development fund as expected.

NCDMB Executive Secretary, Engr. Simbi Wabote, made the observation at a news conference in Yenagao, to commemorate his first 100 days in office.

Wabote, who said that only three indigenous firms had accessed the fund, so far, promised to remove the bureaucratic bottle necks and increase the indigenous companies’ access to the fund.

The executive secretary, also said that the country had so far achieved only 28 per cent content in the oil and gas sector.

Wabote, however, said that that under his watch, NCDMB had reduced the contracting cycle from two years to one year, adding that the board aimed to further meeting the six months target.

He disclosed that two out of the three pipe mills supported by the board had commenced local production of pipes for the oil and gas sector.

The executive secretary further said that six coating mills were completed and functioning.

Wabote, who said that the dwindling oil prices which had slowed activities and investment in the sector was a blessing in disguise, added that it had propelled the board to be more efficient.

He said that the three ongoing oil and gas industry parks, promoted by the board, would provide 15,000 direct and indirect jobs when completed.

Wabote, therefore, appealed to the media to assist the board in monitoring compliance level in the implementation of the Nigerian Content Act 2010.