EXECUTIVE Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Felix Omatsola Ogbe, has reiterated willingness to strengthen collaboration with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and National Insurance Commission (NAICOM) including other key government agencies to achieve economic goals of the present administration.
Engr. Ogbe made this known when he paid a courtesy visit to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe and the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas at their respective offices in Abuja.
He said the visit aimed at familiarising himself with chief executives of institutions that are represented on the NCDMB’s Governing Council as well as exploring areas of collaboration.
The Executive Secretary expressed willingness of the NCDMB to deepen partnership with key agencies of the Federal Government to achieve the economic goals of President Bola Tinubu administration’s Renewed Hope Agenda, noting that cooperation and teamwork were key to achieving any noble objective.
Ogbe pledged the NCDMB’s readiness to work closely with NAICOM to review and operationalise the insurance services regulations jointly issued by both agencies in June 2022, to get Nigerian oil and gas companies to patronise local insurance firms and curtail outsourcing services to foreigners thereby boosting the economy.
The Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Mr. Sunday Olorundare Thomas congratulated the Executive Secretary on his appointment, and noted that he would be building on the solid foundation laid by his predecessors.
Mr. Thomas described NCDMB as a formidable institution and lauded the founding fathers of the Board for their foresight in creating such an important agency.
He also commended the former Executive Secretary of the NCDMB for his innovative projects and achievements while in office that added value to the economy.
The Commissioner for Insurance said insurance is the oxygen of business operations, and expressed concern that the insurance services regulations that were signed by the Commission and NCDMB were yet to be implemented.
He requested Mr. Ogbe to address the challenges, noting that implementing the regulations would bring the needed changes in the insurance subsector of the oil and gas industry before being extended to other key sectors of the economy.
Also, the Executive Secretary at the NUPRC reiterated the need for teamwork and partnership amongst various agencies under the Ministry of Petroleum Resources, to sustain the growth of the Nigerian oil and gas industry.
According to him, collaboration would enhance an enabling environment that would attract investments and new projects into the sector, thereby helping to create employment opportunities for youths and address insecurity in the country.
He said that the Local Content development would be stunted if projects and investments in the oil and gas sector do not flourish, and suggested that NCDMB and NUPRC should organise workshops to examine and resolve concerns identified by investors as obstacles to investments and new projects.
He highlighted that investment decisions by international oil and gas companies are often affected by their assessment of Return on Investments (ROI).
The NUPRC Chief Executive, Engr. Gbenga Komolafe congratulated the Executive Secretary on his appointment, noting that the industry was pleased to have a person of his pedigree as the new helmsman of the NCDMB.
The NUPRC’s boss highlighted the important role of the NCDMB in the operations of the upstream sector of the petroleum industry and lauded Engr. Ogbe for seeking closer cooperation among the agencies.
He described the move as expedient, especially at a time when every hand is on the deck to increase Nigeria’s crude oil production, earn higher revenue for the nation, and revive the economy.
Engr Komolafe stated that the Nigerian upstream sector is facing severe pressures because of the low crude oil production and lack of investment in recent years.
He pointed out that the energy map of the world had altered considerably with the emergence of several new oil-producing countries, inducing a high level of competitiveness for investment capital, stressing that strategic actions must be taken to make the Nigerian environment investor-friendly.
“We must vacate entry barriers for investment. This is common logic when there is high competition. We need to work together to lower barriers and do everything possible to motivate investment,” Engr. Komolafe stated.
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