Blessing Ibunge in Port Harcourt
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has revealed that prior to the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010, the country lost two million jobs, as most opportunities were executed by foreigners
Wabote also disclosed that over 50 years before the enactment of NOGICD, the country lost about $380 billion, capital flight as estimated.
The NCDMB boss, who spoke virtually at the Local Content Workshop organised for Rivers State Judiciary held in Port Harcourt, said local content was not about nationalisation of foreign firms, but about domiciliation and domestication for local value addition.
Speaking on the theme, “Philosophy and Imperative of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010”, Wabote said local content needs foreigners and foreign direct investments to thrive.
He said: “It is important to note that local content is not about nationalisation; it is about domiciliation and domestication for local value addition. It needs foreigners and foreign direct investments to thrive.
“Local content is not a Corporate Social Responsibility(CSR), it is a business. Local content is a marathon, not a sprint and local content is not at all cost.
“Local Content has no ’’one-size-fits-all’’ approach or solution; local peculiarities are key considerations in implementation; what that means is that local content needs in Nigeria may not be the same in other countries like Qatar, local content obtainable in Nigeria or Qatar depends on the peculiarity of the country.
“As always, our message remains simple: we want partakers in the Nigerian oil and gas industry to produce, process, refine, manufacture, add value, retain value, pay taxes here and create jobs here in Nigeria.”
“Despite Nigeria’s enviable hydrocarbon and human resources, it is disheartening to note that only a small, insignificant proportion of the oil and gas industry value was retained in the country.
“Prior to the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, almost all value-adding activities were done overseas, and this resulted in significant capital flight which was estimated to be at about $380 billion over a 50-year period.
“This resulted in over two million job losses as most jobs were also executed by foreigners. Furthermore, less than five per cent of Nigeria’s yearly oil and gas industry spending was retained in the country.”
Earlier, while declaring the workshop open, Rivers State Governor, Mr Siminalayi Fubara, said the NOGICD Act though laudable, requires deliberate efforts of NCDMB for effective implementation.
Represented by the Attorney General of the State, Prof. Zacchaeus Adangor, Fubara said: “The NOGICD Act offers us a guaranteed freedom from neo-colonialists economic phenomenon through gradual and continuous development of our indigenous capabilities in the oil and gas industry.”
