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  • Oil & Gas - News
  • Updated: May 19, 2023

NCDMB Calls For Cooperation In Oil, Gas Sector To Boost Economy

NCDMB Calls For Cooperation In Oil, Gas Sector To Boost Econ

In order to expand the economy, the Nigerian Content Development and Monitoring Board (NCDMB) has urged cooperation among industry players.

The NCDMB's Executive Secretary, Simbi Wabote, made the announcement in Yenagoa at the 2023 Nigerian Oil and Gas Opportunity Fair with the subject "Catalyst and Fuel for the Industrialization of Nigeria."

According to Wabote, such cooperation is required for the industry to contribute to the GDP at rates up to double digits, comparable to other significant oil-producing nations.

In terms of the economy's growth between 2021 and 2022, he pointed out that the oil and gas industry fell behind agriculture, trade, telecommunications, and real estate.

He said that lately, due to missed opportunities brought on by inconsistent policies, put off choices, and indifferent investment, the role anticipated of the oil and gas industry has been decreasing.

“Just to set the context, I will like to draw your attention to the nation’s GDP growth rate between 2021 and 2022 as released by the National Bureau for Statistics (NBS).

“The NBS report noted that the total annual contribution of oil to aggregate GDP in 2022 was 5.67 per cent compared to 7.24 per cent in 2021.

“The oil sector has steadily dropped behind agriculture, trade, telecommunications and ICT, and real estate in terms of sectors that contributed the most to Nigeria’s GDP,” he said.

He contends that in order for Nigeria to experience the necessary degree of economic development, the growth rate must be raised to double digits.

Wabote used Norway as an example, whose GDP quadrupled in the previous two years from $171.2 billion to $367 billion, with the oil and gas industry accounting for around 20% of that growth, followed by hydropower.

According to Wabote, the Nigeria Oil and Gas Industry Content Development (NOGICD) Act defined the minimum goals for 278 services across the value chain that might get investment in order to create opportunities.

The governor of Bayelsa, Douye Diri, praised the executive secretary for educating and retraining young people and women in Bayelsa.

The governor stated that the Federal Government has implemented two significant projects to help young people develop their skills in his capacity as Commissioner for Mineral Resources, Ebiere Jones.

He encouraged the government to investigate setting up businesses that may build pipelines in Nigeria.

The majority of the state's young, he said, are unemployed and he encouraged the oil companies there to offer possibilities for them to receive training and acquire new skills. 

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