The Federal Government yesterday said the nation’s oil and gas sector would attract $25 billion investment in the next two years.
Engr.Simbi Wabote, the executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), who disclosed this in Lagos at a pre-event press conference of Nigerian Oil and Gas Opportunity Fair, NOGOF, said the investment prospect on the sector was boosted by the tremendous transformation Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 brought to bear therein.
He disclosed that since the legislation came into effect, the oil and gas industry had recorded significant Foreign Direct Investment (FDI) in pipe mills and growth in Nigerian owned marine vessels.
According to him, the industry recorded $20 billion investment in the last two years, with various projects being pursued by International Oil Companies, adding that certain key Final Investment Decisions (FIDs) would be concluded before the end of the year that will set a new pattern of growth for the industry.
He explained that the major focus of the Nigerian Content Law was “domiciliation” of value-adding activities, which had identified investment opportunities in fabrication and construction; manufacturing of component parts, equipment, spare parts, accessories, drilling fluid, Sub-sea production systems, line pipes, and personal protective equipment (PPE) among others.
He spoke on the NOGOF 2019, saying the fair was another milestone achieved by the board on the strength that it is uncommon to find players in the sector and beyond to come together in the same room to support Nigerian Content.
“So it is with great pride that we are able to bring together major players across the upstream, midstream and downstream sectors of the Nigerian oil and gas industry as well as government agencies, industry regulators and the National Assembly to showcase opportunities in this industry and present available in-country capacity to all stakeholders in attendance,” he said.
He explained that one of the key objectives of the fair was to bring together governments, national oil companies, investors, corporate players and independents to give them unique space in the country to network, discuss and share knowledge.
Meanwhile, Dr. Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) had urged partners involved in the Direct Sale Direct Purchase (DSDP) scheme of the corporation to patronise the NNPC shipping subsidiary, NIDAS Limited.
Baru passed the advice to two of NNPC’s relevant subsidiaries: Crude Oil Marketing Division (COMD) and the NNPC Trading Ltd, during his visit to the NNPC office in Hammersmith, London, where he met the staff of both the London Office and NIDAS.
A release by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, yesterday in Abuja, said the corporation’s GMD, Dr. Maikanti Baru, was elated by the giant profitability strides recorded by NNPC/NIDAS no sooner than it launched into international freight business.
He called on them to redouble their efforts towards sustaining the current tempo which he said, was in line with the profitability drive of the corporation.