NCDMB earmarks $50m for Research, Development to strengthen local content in oil sector

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By Uthman Salami

Nigerian Content Research and Development Fund under the aegis of Nigerian Content Development and Monitoring Board (NCDMB) has earmarked $50 million for investment in research and development geared towards strengthening local content in the oil and gas in Nigeria

This was made known by one of the members of the Governing Council of the Board, Mr. Patrick Odinuwe during the 2nd Edition of NCDMB Research and Development Fair and Conference 2021 which took place at the Board’s Headquarters in Yenegoa Bayelsa yesterday.

According to him, the creation of $50 million NCDMB Research and Development fund was to support researchers in the areas of research, noting that 15 per cent of which would go into Basic and Applied Research, 30 per cent for the Creation of Centers of Excellence while 60 and 5 per cents would go into output commercialization and endowment respectively.

He added that the development of NCDMB 10-year Strategic road map and the development of NCDMB research and development frameworks was hinged on supporting researchers breakthroughs from laboratories to commercialization.

The Executive Secretary, Engineer Simbi Wabote while explaining the importance of research said, research and development is pivotal to the growth of any Nation regardless of the sectors.

According to him, they commenced the implementation of 10-year strategic road map in 2018 to increase the level of local content to 70 percent by 2027.

He acknowledged that even though COVID-19 almost hindered the deployment of their initiatives, it made them perfect plans on how to bring about Research and Development in the oil and gas sector to a revered level in the industry.

While assuring the Academia and stakeholders in the oil and gas industry at the event, he said NCDMB team would soon be visiting some Universities in the country in the implementation of Research and Development road map of the Board, noting that the Varsities community itself is a key constituency in the implementation of R&D initiatives.

The combined research and development of 5 countries constitute make up 63.5% of the global research and development. These five countries namely; United States, China, Japan, Germany and India were also observed to have contributed to 50% of the global Gross Domestic Products (GDP).

He said the same cannot be said about Africa that only accounts for less than one percent, while its GDP is only 3 per cent of the global GDP for Africa.

“You will agree with me that there is a Nexus between the money spent on Research and Development and economic prosperity.

“It is to start to nurture the growth of our home grown technology rather just being a wholesome consumer of other people’s Innovations.

“The second reason we’re are focusing on research and development is that it is one of the six parameters which are essential for sustainable local content development,” he said.