NCDMB Seeks Industry Support to Boost Nigeria’s Crude Oil Output and Energy Security
The Nigerian Content Development and Monitoring Board (NCDMB) has called for robust support from industry stakeholders to attract foreign direct investments (FDIs) and address Nigeria’s energy sector challenges. In a recent address, NCDMB’s Executive Secretary, Engr. Felix Omatsola Ogbe, highlighted the critical threats posed by pipeline vandalism and oil theft, urging the need for strengthened security and cooperation with host communities. He emphasized that signing Final Investment Decisions (FIDs) on new oil and gas projects during a designated “FDI Week” each year could streamline decision-making, expedite investments, and drive sustainable growth in the sector.
Engr. Ogbe further outlined the Board’s strategic initiatives, including introducing the “Back to the Creeks Initiative,” which aims at fostering positive relationships with oil-producing communities. This initiative will offer corporate social responsibility projects, educational upgrades, and financing support for local contractors, helping to reduce vandalism and disruptions by strengthening ties with local populations. Ogbe noted that increased collaboration among stakeholders, driven by the NCDMB, would help actualize recent Presidential directives to fast-track oil and gas project approvals and investments.
The NCDMB’s approach also includes the biannual Nigerian Oil and Gas Opportunity Fair (NOGOF), where international and domestic oil companies gather to explore investment opportunities. This forum, alongside the “FDI Week,” is expected to help create a secure, productive environment, lowering costs associated with security and improving the pricing of petroleum products.
