Nigeria retains $5bn of yearly spend in oil and gas sector – NCDMB boss

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The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote has disclosed that about $5 billion out of the $20 billion spent annually in Nigeria’s oil and gas sector is retained in-country as a result of seven years of implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, ThisDay reports.

Speaking in Lagos at the recent inauguration of the new national executive council of Oil and Gas Trainers Association of Nigeria (OGTAN), Wabote stated that the target of the NOGICD Act was to retain $10 billion of the yearly expenditure. He restated that before the NOGICD Act was signed into law, all fabrication, engineering, and procurement were done abroad resulting in estimated capital flight of $380 billion in 50 years, while estimated job lost opportunities was in the region of two million.

He declared that with the NOGICD Act in place, it is no longer optional or debatable whether to comply with the law. According to him, the Act has set minimum targets in 278 services across the oil and gas value chain, with a provision for sanctions over non-compliance. He also hinted that regulations are being developed to cover other areas not fully addressed in the Act such as power, construction, and ICT sectors.