A Nigerian content advocacy group, Borderless, has urged the Nigerian Content Development and Monitoring Board (NCDMB) to create more awareness on how indigenous contractors may access the $200 million Local Content Intervention Fund.
The pool of funds was launched by Bank of Industry and NCDMB to provide loans to indigenous companies involved in manufacturing in the oil and gas industry, as well as firms seeking to acquire assets, especially rigs and marine vessels.
In commemoration of the eighth anniversary of the Nigerian Content Law, Borderless carried out an industry survey tagged: ‘Looking back, looking forward’ to mirror the progress of Nigerian Content policy.
Part of the recommendations made from the survey include the need for greater awareness on accessing the fund.
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According to the outcome of the survey, a copy of which was made available to Nigerian Tribune at the weekend, the group urged NCDMB to make public information on progress of increased Nigerian participation in the oil and gas sector.
“Greater awareness on accessing the Nigerian content intervention fund is needed. The NCDBM should be alive to its regulatory duty of effectively monitoring and enforcing compliance by international oil companies.
“NCDMB should take necessary steps to penalise operators in violation to local content regulation. The Executive and Legislature should effectively synergise for the transmission and assent of the petroleum industry legislation,” it stated.
The goal of the survey is to raise awareness and promote greater commitment towards Nigerian Content development. It generated feedback from a cross-section of indigenous oil and gas companies on how the Nigerian Content Act can be better implemented.
The survey identified funding gap as one of the challenges confronting indigenous operators to perform in the oil and gas sector. However, international oil companies are perceived as more committed to Nigerian Content development.
Regarding level of compliance to the Nigerian Content Act, the group ranked Shell Companies in Nigeria as the most complaint company while Sinopec-Addax was next. NAOC (AGIP) was rated third in terms of compliance, Total Upstream was rated fourth, Chevron Nigeria fifth, and Mobil was sixth.
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