Advisors ReportsAdvisors Reports
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Search
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: PNCNigeria: Nigeria’s local content in oil, gas sector rises to 56% in 2024, exceeds target
Share
Sign In
Notification Show More
Font ResizerAa
Advisors ReportsAdvisors Reports
Font ResizerAa
Search
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
DocumentaryDownstreamEnergy TransitionExtractive IndustryImpactLocal ContentNewsOilOil & GasSustainabilityUpstream

PNCNigeria: Nigeria’s local content in oil, gas sector rises to 56% in 2024, exceeds target

Admin
Last updated: December 3, 2024 4:32 pm
Admin
Share
5 Min Read
SHARE
NCDMB revises Community Contractor Fund, allocates ₦15bn
… increases single obligor limit from ₦20m to ₦100 m
Oredola Adeola

The Nigerian Content Development and Monitoring Board (NCDMB) has reported an increase in local content in the oil and gas sector from 54% in 2023 to 56% in 2024, surpassing the 50% target for the year and progressing toward its 70% goal by 2027.

Engr. Felix Ogbe, Executive Secretary of the Nigerian Content Development and Monitoring Board, announced the 56% local content achievement at the opening of the 13th Practical Nigerian Content Forum in Bayelsa on Tuesday.

Speaking on the theme, “Defining the Next Frontier of Nigerian Content Implementation, the ES stated that the success reflected significant progress since the establishment of the NOGICD Act in 2010 by the Board.

According to him, the country’s content transits from 20 percent in 2016 to 56 percent in 2024.

The ES also outlined key initiatives under his leadership aimed at achieving the Board’s 70% local content target by 2027.

Among these is the Back to the Creek initiative, designed to enhance human capacity in oil and gas host communities through scholarships for higher education.

He also announced plans to revise the Community Contractor Fund, allocating ₦15 billion to help overcome obstacles faced by community contractors, with a reduced interest rate of 5% per annum.

“This initiative addresses a critical challenge faced by local contractors—limited access to funding for contracts awarded by oil and gas companies,” he said.

The Board has therefore increased the single obligor limit from ₦20 million to ₦100 million to ease access to funding.

Additionally, the Board plans to launch the Nigerian Content Academy, based at its Bayelsa State headquarters, to bolster the skills of local operators in the oil and gas sector.

“The academy offers a wide range of courses covering every aspect of the oil and gas industry and serves as a beacon of hope for employment,” the Executive Secretary added.

The Executive Secretary highlighted that the Board’s programs are designed to equip Nigerians with the skills needed for diverse roles in the oil and gas sector, creating new career paths and economic opportunities for local communities.

He also announced plans to establish modern Zonal Offices in Akwa Ibom, Rivers, and Delta States.

According to him, “The Zonal Offices will enable us to deploy personnel across various directorates, ensuring they operate fully from these locations and make the offices fully operational.”

He therefore highlighted several key achievements of the Board, including the commissioning of Amal Technologies in Idu, Abuja, and the Kwale Gas Gathering facility in Delta State.

He noted that 312 Nigerian Content Plans were approved, and 402 Nigerian Content Compliance Certificates (NCCCs) were issued.

Additionally, the new PCAD contracting guidelines, which reduced touchpoints from 9 to 5, have cut the contracting cycle to six months.

In terms of strategic partnerships, the Board unveiled Bell Oil and Gas’ 50,000 metric-ton integrated Oil Country Tubular Goods (OCTG) facility at the Lekki Free Trade Zone, and commissioned Daewoo’s 10,000 MT capacity galvanizing plant.

Other notable partnerships include the establishment of the Nigeria Oil and Gas Park Scheme (NOGaPS) in Bayelsa, Cross River, and Akwa Ibom states, and the commissioning of a 300 MMSCFD gas gathering and injection facility in Kwale, Delta State in partnership with NedoGas.

In collaboration with Butane Energy, the Board also commissioned a 180-metric-tonne LPG filling plant in Kaduna and a 100-metric-tonne LPG storage and bottling plant in Katsina State.

On human capital development, the Board initiated cadetship training for 63 cadets on foreign-going vessels, and launched an internship program with Shell and PETAN, which trained 49 graduate engineers, geologists, and geoscientists.

The Nigerian Content Human Capital Development (NC-HCD) Basic Training for 331 Nigerians was also commenced for the NLNG Train 7 Project.

In addition, the Board completed and commissioned an Engineering Design Studio and Information Hub at the Federal University of Owerri (FUTO) in Imo State, in collaboration with NLNG, and an E-Library at the Niger Delta University in Amassoma, Bayelsa State, in partnership with SPDC and its JV partners.

NCDMB unveils ‘Champions of Nigerian Content Awards’
Relief to residents of Ajah-Lekki, as Adelabu commissions Siemens-PPI 132/33kv mobile substationed
NUPRC announces deadline for 2024 licensing round registration, pre-qualification
Nigeria’s refining sector expands with 9 LTEs, 7 LTCS, 4 LTOS issued for modular refineries
EKEDC cautions customers against paying individuals, agents for meter procurement, insists on use of official payment channels

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Copy Link Print
Share
Previous Article DisCos meter 3.03m customers since 2013, totaling 6.15m, as 6.13m remain on estimated billing
Next Article Sanwo-Olu Signs Lagos Electricity Bill 2024, targets 24-hour power supply
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -
Ad imageAd image

Latest News

Experts urge fair play amid Dangote refinery market dominance, call for balanced import-refining model
Downstream Midstream News Oil & Gas
June 20, 2025
Dangote refinery to deliver petrol, diesel free to marketers, bulk buyers, cut logistics costs
Advertorial Downstream Midstream News Sustainability
June 16, 2025
Israel-Iran war: Global oil price hits $74/b, first time since Jan. 2024
Concession Documentary Finance Oil & Gas Security Special Project Upstream
June 15, 2025
#June12: Tinubu awards national honours to Kaltho, Prof. Dare, Ibru,Olorunyomi, for defending press freedom
Documentary Editorial Impact News Review Special Report
June 13, 2025
Follow US
© 2022 AdvisorsReports. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?