The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has said that domestication of personnel training in the oil and gas industry saves the nation about $50 million yearly, The Nation reports.

He made this known at the graduation of trainees from Danvic Petroleum School in Lagos. Wabote, represented by the Board’s General Manager, Capacity Building Division, Ikponmwosa Oviasu, said on the sidelines at the event that before the signing of the Nigerian Content Act in 2010, the nation was losing $100million to foreign training in the industry.

The Managing Director/Chief Executive Officer, Danvic Petroleum International Nigeria, owners of the petroleum school, Dr. Mayowa Afe, said the institution was established to bridge the gap between the university and industry to enable the students of the institution acquire the knowledge that was not imparted to them in tertiary schools. Upon graduation, the students would be helped to get jobs within one year.