…presents new NCDM/NAICOM Insurance Guidelines

The Nigerian Content Development and Management Board (NCDMB) executive secretary, Mr. Simbi Wabote, has highlighted the seven ministerial regulations aimed at boosting local content and driving investment in the sector.

It was one of the major revelations of the ongoing NOG 2022 Conference and Exhibition officially at the International Conference Center (ICC), Abuja, Nigeria, with theme: ‘Funding the Nigerian Energy Mix for Sustainable Economic Growth.’

Wabote informed that the Seven Nigerian Content Ministerial Regulations, which were officially gazetted by the federal government in April 2021 will strengthen the oil and gas industry.

According to Wabote, the seven regulations include Research and Development, Training, Capacity Development; Growth of Indigenous Capacity and Nigerian Oil and Gas Industry Enforcement and Compliance regulation.

He said it also include registration of operators and other professionals with Nigerian professional bodies, technology transfer and establishment of operations in Nigeria.

The NCDMB boss stated that the regulations provide legal backing to the various aspects of the Nigerian content practice not fully detailed in the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010.

He said Section 40 of the Act empowers the minister of petroleum to make regulations that would establish the minimum standards in facilities, personnel, and technology for training in the oil and gas industry.

“The ministerial regulations seek to provide a framework for monitoring the implementation of the prescribed minimum standards for training in the oil and gas industry,” he said.

He urged the stakeholders and players in the sector to key into the provisions of the regulations. He also expressed optimism that the full implementation would boost local content in the sector and create job opportunities for Nigerians.

The NCDMB boss and the National Insurance Commission (NAICOM) presented the new NCDM/NAICOM Insurance guidelines to stakeholders. They explained that the goal of the guideline is to drive local content and partnership in the both sectors.

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