The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have harped on the necessity of both agencies of government to explore collaboration.
Speaking on the benefits of collaboration,the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe said it will sustain the growth of the Nigerian oil and gas industry.
While on a visit to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, the NCDMB ES stated that collaboration would create an enabling environment that would attract investments and new projects into the sector, helping to create employment opportunities for youths and address insecurity in the polity.
While noting that Local Content development would be stunted if projects and investments in the oil and gas sector do not flourish, the Executive Secretary suggested that NCDMB and NUPRC should organize workshops to examine and resolve concerns identified by investors as obstacles to investments and new projects.
He hinted that investment decisions by international oil and gas companies are often affected by their assessment of their Return on Investments (ROI).
In his comments, the Commission Chief Executive of NUPRC, 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 commended the new Executive Secretary for seeking closer cooperation among the agencies.
He described the move as expedient, especially at a time when every hand is on the deck towards increasing Nigeria’s crude oil production, earning higher revenue for the nation, and reviving the economy.
He remarked 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 changed considerably with the emergence of several new oil-producing countries. This situation, he said, had induced a high level of competitiveness for investment capital, stressing that strategic actions must be taken to make the Nigerian environment investor-friendly.
According to him, “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.
He assured that the NUPRC would partner closely with the NCDMB to achieve some of the programmes it had planned for 2024.