NCDMB Unveils 7 Ministerial Regulations Booster for Nigeria’s Local Content

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…presents new NCDM/NAICOM Insurance Guidelines

The 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 Energy Mix for Sustainable Economic Growth.’

Wabote informed that the Seven 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 Oil and 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 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 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 in the oil and gas industry.

“The ministerial regulations seek to provide a framework for monitoring the implementation of the prescribed minimum standards for 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 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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