Nigeria saves $5bn annually from oil contracts due to local content

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The executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote has said that the Nigerian oil and gas supply chain is now able to retain $5billion from the annual $20billion spend in contracts awarded, as opposed to the past when almost the whole budget ended up in foreign economies, Leadership reports.

Speaking at a workshop organized by the Board for members of the House of Representatives Committee on Local Content, in Port Harcourt, Rivers State, Wabote said, “Today we have two world-class pipe mills and five impressive pipe coating yards. Nigerians control and own 38 percent of marine vessels that are used in the oil and gas industry. Over 30,000 direct jobs have been created on the back of implementing the Act.”

The Executive Secretary further said that the Nigerian industry had developed capacity to handle more than 60,000 tonnes of fabrication per year while all cables required in the oil and gas sector are being manufactured in-country. “We are proud of these achievements but our vision is to achieve 70 percent in-country value retention within the next 10 years and retain $14billion out of the $20billion yearly spend,” he said.

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