Onyeche Wofurum Igwe
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Felix Omatsola Ogbe, has requested that the Senate exclude the Nigerian Content Development Fund from revenue deductions, as stated in Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
He made the request during an oversight visit by the Senate committee on Local Content to the NCDMB headquarters in Yenagoa, Bayelsa State.
Ogbe emphasized the importance of local content growth, highlighting its benefits, including job creation, skills development, and increased local participation in the industry.
The executive secretary, represented by the Director of Corporate Affairs, Abdulmalik Halilu, also asked for legislative support for the Board’s initiatives.
He provided a comprehensive presentation on the Board’s activities, highlighting its successes and challenges and discussed the Nigerian Content Implementation Framework, the board’s organizational structure, and its expenditure and revenue analysis.
The Senate committee on Local Content commended the NCDMB for its efforts in implementing the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
The committee, led by Senator Joel Onowakpo Thomas, expressed his admiration for the Board’s capacity to actualize the objectives of the NOGICD Act.
He emphasized the importance of local content development in creating jobs, growing local businesses, and improving the balance of payments.
Thomas assured the board of the Senate’s support in ensuring the effective implementation of the Act.
He said: “Let me say that the benefits of local content cannot be overemphasized. It will lead to the creation of jobs for our people, development of critical assets and skills, growth of local businesses, improve balance of payments and reduction of dependence on foreign goods services.”
“To achieve these benefits, collaborations between the Senate committee and board of the NCDMB is essential as we would work closely with the NCDMB to ensure that the provisions of the Act are implemented effectively.”
“The committee will not only ensure oversight but will also support the board in efforts to develop and implement policies that promote local content development, in addition to our collaboration with the board, we will engage with other stakeholders and create the enabling environment that fosters growth for local businesses and promotes job creation.”
The committee Vice Chairman, Senator Ede Dafinone, assured the board of the National Assembly’s collaboration in enthroning a resilient and Nigerian-driven oil and gas industry.
He stated that the Senate is ready to engage further and support the board in building a more robust and Nigerianised industry.
He said: “They have shared with us areas where the Senate can help expand and strengthen their programmes. We are ready to engage further and support the board in building a more robust and Nigerianised oil and gas industry.”
