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FG tasks NCDMB to Grow local refining capacity

NCDMB

FG tasks NCDMB to Grow local refining capacity – The Federal Government, Tuesday, called on the new members of the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to develop policies and programmes that would ensure the domestication of crude oil refining and growth in the capacity of indigenous operators.

Speaking in Abuja, during the inauguration of members of the Governing Council, Minister of State for Petroleum Resources, Chief Timipre Sylva, stated that the NCDMB’s 10-year Strategic Roadmap launched in 2018 is a key compass to ensure that Nigeria derives more value in-country from its hydrocarbon resources, especially as by 2027, the roadmap’s target is to achieve 70% per cent Nigerian Content level in the oil and gas industry.

The new members who were inaugurated for a four-year tenure are: Mrs. Peace Oyanbo Owei, who is the first ever female on the NCDMB Council, and a representative of the Ministry of Petroleum Resources; Engr. Sarki Auwalu, representative of the Department of Petroleum Resources (DPR); and Engr. Farouk Sa’id, representative of Nigerian National Petroleum Corporation (NNPC).

Others are Mr. Olorundare Thomas, representative of the National Insurance Commision (NAICOM) and Mr. Nicolas Odinuwe, representative of Petroleum Technology Association of Nigeria (PETAN).

Sylva noted that in the midst of so much uncertainty around COVID-19 pandemic and instability in the world oil markets, Nigeria must look inwards to explore all the opportunities to further diversify and insulate the economy from external shocks.

Also speaking, Executive Secretary of the NCDMB, Engr. Simbi Wabote, disclosed that the COVID-19 pandemic had revealed that there are existential threats.

According to him, the ability of a country to cater for its people in a safe and secure environment was inversely proportional to its level of reliance on importation.

He said: “Most nations diverted their products to their own use while others wait for any crumbs that fall off the table. The importance of local content in any nation cannot be over-emphasized and the COVID-19 experience of many nations is an eye-opener.”

The post FG tasks NCDMB to Grow local Refining Capacity appeared first on Financial Watch.



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FG tasks NCDMB to Grow local refining capacity

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