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NCDMB Retains 70% Nigeria’s Oil Industry Annual Expenditure Budget

NCDMB Retains 70% Nigeria’s Oil Industry Annual Expenditure Budget

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr Simbi Wabote, has confirmed that as a result of Local Content Act implementation, the board retained the sum $6.4 billion of yearly spend.

He said that while efforts are on-going to achieve 70 per cent, the amount retained by the board represents 32 per cent value retention of the $20 billion yearly spend in the oil and gas industry.

Wabote made this at the Nigerian Content Capacity Building workshop organised for media stakeholders in Port-Harcourt. He stated that the board advanced the implementation of the 10-year strategic roadmap, held the checkpoint review session for the roadmap, continued the construction of oil and gas industrial parks, secured the Final Investment Decision (FID) and award of contracts for the NLNG Train 7.

According to Wabote, only five per cent was being retained when the Nigerian Content Act was enacted in 2010 and that the percentage grew to 26 per cent in 2017.

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Source: OrientEnergyReview

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