An oil and gas expert, Precious Okolobo, has called on the new Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to take proactive measures to overcome the impact of the novel coronavirus on the industry.
The council was recently inaugurated in Abuja by the Minister of State for Petroleum Resources, Chief Timipre Sylva.
Chief Sylva reminded the members that they were “coming on board at a very novel time in the history of mankind and downturn in the activities of the oil and gas industry.” And the Federal Government expects them to support efforts to create jobs through local content.
Okolobo, the erstwhile Media Relations Manager of Shell Companies in Nigeria, argued that the Governing Council can take inspiration from the initiatives of the NCDMB which have ensured that an increasing number of indigenous operators now produce more than 15 per cent of oil and 60 per cent of domestic gas in Nigeria.
“But with the impact of COVID-19, the Council and indeed, the NCDMB, face the urgent challenge of improving local content delivery in an economy which experts reckon is heading for recession.
“Already, the Nigerian government has cut revenue estimates from crude oil exports from N2.64 trillion to N254.2 billion, and reduced the crude oil benchmark in the 2020 budget from $57 to $30 per barrel. The Council must come to terms with this paradox: how do you continue to develop and embed Nigerian content in a sector that is struggling?
“The NCDMB partly responded to the downturn by cutting interest rates and extending loans tenors to beneficiaries of the Nigerian Content Intervention Fund (NCI-Fund,) being managed for the Board by the Bank of Industry (BoI),” he said.
As the Minister of State for Petroleum pointed out at the inauguration, “In the midst of so much uncertainty around the COVID-19 pandemic and instability in the world oil markets, we must look inwards to explore all the opportunities to further diversify and insulate our economy from external shocks.”
But perhaps, the greatest challenge of the Council is the NCDMB 10-year strategic roadmap which was launched in 2017 to drive more in-country value from the country’s hydrocarbon resources.
The cardinal aim of the roadmap is to achieve 70 per cent Nigerian content in the oil and gas industry by 2027. If this target is met, Nigeria will be able to domesticate petroleum refining and manufacturing of industry requirements, get more value from gas and take Nigerian operators to higher heights in the upstream, midstream, and downstream sectors of the industry.
Okolobo opined that all of these would generate about 300,000 jobs and ensure annual capital retention of $14 billion with the spin-offs that these could trigger.
“The expansion of the scope of the NCI-Fund should be another area of interest for the Council. The BoI has so far disbursed a total of $158.46 million and N7.31 billion to 26 beneficiaries representing 91 per cent of the NCI-Fund, covering manufacturing, asset acquisition, contract finance and loan refinancing,” he said.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Nigeria Records 573 New COVID-19 Cases, Total Now 16,658
The Nigeria Centre for Disease Control (NCDC) has announced 573 confirmed new coronavirus cases in the country on Sunday. This brings the total number of confirmed cases to 16,658…Read Full Story
Naira Marley Saga: FG Suspends ExecuJet Indefinitely
The Federal Government has suspended flight operations of ExecuJet for flying a hip-hop artiste, Azeez Fashola, aka Naira Marley, from Lagos to Abuja for a musical concert. The Minister of Aviation, Senator Hadi Sirika announced the suspension at the daily briefing by the Presidential Task Force on COVID-19…Read Full Story
UPDATE: APC Governors, NWC Meet With Gambari In Aso Rock •Obaseki not guaranteed victory as incumbent ― Oshiomhole
In an apparent bid to resolve the crisis arising in the run-up to the primaries in Edo and Ondo states, the chairman of the All Progressives Congress (APC) Governors Forum and Governor of Kebbi State, Atiku Bagudu and the party’s National Working Committee (NWC) led by Comrade Adams Oshiomhole, met with the Chief of Staff…Read Full Story
Lagos Govt Condemns Opening Of Private Schools, Threatens Sanctions On Recalcitrant Schools
The Lagos Government, on Monday, condemned the intentional flouting of rules by some private school owners in the state that have opened their schools to students despite the government’s directives to close schools in a bid to curb the spread of coronavirus…Read Full Story
Show Empathy, Lost Lives Not Replaceable, Health Minister Tells Striking Doctors
The Minister of Health, Dr Osagie Ehanire, told the National Association of Resident Doctors (NARD) on Monday that they cannot go on strike during a very difficult situation like this, when the country, like other nations of the world, are battling the COVID-19 pandemic…Read Full Story
Ibadan/Oke-Ogun Road: Sure Route For Smugglers, Illegal Immigrants
THE Oke-Ogun region of Oyo state is one of the richest in Nigeria in terms of natural deposits and agricultural production and is acclaimed to have contributed a lot to the development of the state and Nigeria; but for many reasons, it has remained the most undeveloped and marginalised…Read Full Story
NBET Gets New MD As Buhari Approves Amobi’s Removal
President Muhammadu Buhari has approved the removal of Dr Marilyn Amobi as Managing Director (MD), Nigerian Bulk Electricity Trading Plc (NBET), to be replaced by Dr Nnaemeka Eweluka. The Minister of Power, Saleh Mamman, made the announcement in a statement issued by his media aide, Aaron Artimas on Monday…Read Full Story
EDITORIAL: Tackling Rape Epidemic
This is a season of anomie judging by the spate and frequency of cases of sexual assault, defilement and paedophilic actions in the country lately. These criminal vices are pervasive and have become a daily occurrence. The cases are legion: a 100-level university student was allegedly raped and killed at a religious centre in Benin City, Edo State; a man reportedly raped 40 women in…Read Full Story
NITDA Alerts Nigerians On Fake Websites Pledging FG’s Lockdown Funds
The National Information Technology Development Agency (NITDA), has drawn the attention of the general public, especially those in the cyberspace, to the existence of fake websites in circulation, trying to capitalise on the COVID-19 pandemic to defraud unsuspecting Nigerians…Read Full Story
Important WASH Practices To Stay Free Of COVID-19
WASH in the field of environment stands for Water, Sanitation and Hygiene. It goes without saying that appropriate WASH practices are key to halt the continued spread of the novel coronavirus (COVID-19). In a presentation made by Professor Mynepalli Sridhar during the recent World Environment Day held at the…Read Full Story
APC And The Price Of Impunity
The All Progressives Congress, APC, is fast becoming a house of commotions, where things seem to have fallen apart and the centre can no longer hold. Or how else do we describe the present situation in Edo and Ondo States, where the ruling party is at loggerheads with itself over its flag bearers for the coming gubernatorial…Read Full Story
PHOTOS: At The Age Of 35, 30, They Are Parents Of 11 Children
A couple who never planned to have any children have revealed they now have a huge brood of eleven, the Daily Mail of UK reported. Joseph Sutton, 35, and wife Nicole, 30, live with their eight daughters and three sons in their three-bedroom home in Aspatria, Cumbria, England…Read Full Story
You may be interested
COVID-19: Port Harcourt international airport reopensadmin - July 11, 2020
The Federal Airport Authority (FAAN) has restated commitment towards ensuring zero coronavirus (COVID-19) transmission as Port Harcourt International Airport resumes…
Ondo workers threaten strike over unpaid salary arrears, issue 5-day ultimatumadmin - July 11, 2020
Workers in Ondo State Public Service have threatened to down tools following the government’s failure to pay their outstanding salaries.The…
Troops eliminate notorious bandits, recover cache of arms in Tarabaadmin - July 11, 2020
The Defence Headquarters said the troops of “Operation Whirl Stroke”, on Friday, eliminated two notorious bandits who had been attacking…