The Nigerian Oil and Gas Industry Content Development Act has created approximately 50,000 direct employments since its inception 11 years ago, according to NCDMB Executive Secretary Simbi Wabote.
Wabote mentioned the development during a recent discussion with members of the Guild of Corporate Online Publishers and editors of newspapers and broadcasters.
He provided a historical overview of how far the legislation has progressed since its enactment in 2012.
According to the Executive Secretary, before the NOGICD Act was passed in 2010, the percentage of Nigerian content in the oil business was about 5%.
He reminded everyone that the introduction of the Nigerian content law resulted in an immediate rise of 26 percent in 2016 and a 42 percent increase by December 2021.
Wabote stated that the NCDMB launched the Nigerian Content 10-Year Strategic Roadmap in 2017, with the goal of reaching 70% Nigerian content by 2027.
He noted that the board's Strategic Roadmap, which was released in 2017, targeted 70 percent Nigerian content by 2027.
Once achieved, this will result in the creation of 300,000 direct jobs in the oil and gas industry and related sectors, as well as the retention of $13 billion of the estimated annual $20 billion spent in the oil and gas industry, as well as the establishment of major fabrication yards and manufacturing hubs in-country.
He cited the fact that prior to the NOGICD Act, 2010, the local economy maintained little or none of the yearly oil sector spends of $20 billion but is now able to retain more than $8 billion in the nation every year.
The improvement is the result of local oil and gas service firms developing crucial capacities and assets, as well as increasing domiciliation and domestication of industry activities.
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