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NCDMB commits N15bn to support local contractors

The Nigerian Content Development and Monitoring Board has set aside N15 billion for the revised Community Contractors Financing Scheme.

This initiative aims to address the ongoing issue of limited funding access for local contractors handling oil and gas company projects.

This was revealed by the NCDMB's Executive Secretary, Felix Ogbe, during his keynote address at the 13th edition of the Practical Nigerian Content Forum in Yenagoa, Bayelsa state.

Ogbe stated that the board had increased the single obligor limit from N20 million to N100 million.

"N15 billion has been allocated for this purpose. Also, the single obligor limit has been raised from N20 million to N100 million," he stated.

The NCDMB CEO also announced the 'Back to the Creek' initiative, which aims to provide youths in host communities with industry-relevant skills.

"This initiative is closely aligned with President Bola Tinubu's mandate to create an enabling environment for businesses to thrive. This initiative will be implemented in three stages: first, to improve primary education infrastructure; second, to improve secondary education; and third, to provide scholarships and job opportunities for top-performing students from oil-producing communities," he explained.

Ogbe emphasised that the Nigeria Oil and Gas Industry Content Development Act of 2010 directs the NCDMB to strengthen the capacity of Nigerian businesses and individuals, allowing them to actively participate in the oil and gas sector.

He recalled that in 2017, the board launched a 10-year strategic roadmap based on five strategic pillars and supported by four enablers, stating that progress had been made.

According to Ogbe, some of the NCDMB achievements include the unveiling of Amal Technologies in Idu, Abuja and the Kwale Gas Gathering facility in Delta State; obtaining approval for the 312 Nigerian Content Plans as 402 Nigerian Content Compliance Certificates were issued; unveiling Bell Oil and Gas' 50,000 metric-tonne integrated Oil Country Tubular Goods facility at the Lekki Free Trade Zone; unveiling Daewoo's 10,000 MT capacity galvanising plant; and establishment

He announced that Nigerian content had increased from 26% in 2016 to 56% by 2024.

To improve local content in the oil and gas industry, he stated that the board is investing in the creation of more conducive and functional zonal offices.

"As we embark on the next stage of this journey, let us maintain the spirit of collaboration and resilience that has brought us this far. Nelson Mandela once said, 'It always seems impossible until it's done.' "Let us show the world what is possible when vision meets action and commitment meets opportunity," Ogbe concluded.

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