Nigerian Content Policy Saves $2 Billion in NLNG Train 7, says NCDMD boss

Nigerian Content Policy Saves $2 Billion in NLNG Train 7, says NCDMD boss

The Nigerian Content Development and Monitoring Board (NCDMB) says the country has saved the sum of $2 billion dollars from the ongoing Train 7 of the Nigeria liquefied Natural Gas (NLNG) project as a result of using Nigerian firms.

The Executive Secretary of NCDMB, Mr Simbi Wabote stated this on Friday, shortly after receiving the award of African Local Content Icon, from the African Leadership magazine, in Yenagoa.

Wabote, who dismissed the assertion that the Nigerian content policy was costly, and a ploy by foreign interests who do not wish the country to develop, described the claim as blackmail, because experience had shown that the policy was more cost effective for oil firms.

“The Nigerian content policy saves costs, from the projects that the NCDMB have supervised it is clear that it is better for the International Operating Companies in Nigeria, but foreign interests at global levels erroneously say that local content is expensive.

“Before the move to increase the participation of Nigerians in the oil and gas sector, the participation was at about three per cent and previous administrations relied mostly on taxes and revenue and lost sight of the opportunities for Nigerians to get involved in the sector.

“I am thankful to President Muhamadu Buhari, who gave me the opportunity to practice local content in the public sector, by appointing me in 2016 and reappointing me in 2020,” Wabote said.

On the African Local Content Icon Award bestowed on him, Wabote said that it came to him as a ‘pleasant surprise’ adding that the ideals of the African Leadership Magazine justified his decision to accept the award.

Speaking earlier, the Managing Editor of the African Leadership Magazine, Mr Kingsley Okeke, noted that the process leading to the selection was transparent and independently conducted with nominations received from across the African continent.

“We found in the accomplishment and achievements of the Executive Secretary of the NCDM, a worthy character we must encourage and export to the rest of Africa.

“Our focus at the magazine is to spotlight the positive developments in the African continent and change the narrative and stereotypes by western media,” he said.

The African Local Content Icon Award was presented by Mrs Laura Hall, President-elect of the National Black Caucus in the U.S congress, at the headquarters of the NCDMB in Yenagoa.

Hall said that blacks in the United States, represented by the Black Caucus, also have a similar challenge with building local capacity to compete with their white counterparts in executing contracts in the U.S.

She said the caucus would collaborate and share ideas with the NCDMB on ways to increase the capacities of blacks in the U.S.

The Chairman of the NCDMB branch of the Petroleum and Natural Gas Senior Staff Association , Mr Bright Amatoru, applauded the leadership style of Wabote which, he said, had ensured industrial harmony at work.

Female staff, at the NCDMB represented by Mrs Kadejat Jakeme noted that Wabote had made the oil sector gender sensitive with the provision of a $400 million fund for female entrepreneurs in the oil and gas sector.

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