Local content regulations will boost investment in the energy sector
Simbi Wabote, Executive Secretary of the Nigerian Content Development Management Board (NCDMB), says the seven ministerial regulations will spur investment and growth in the oil and gas sector.
Wabote said this on Monday at the Nigerian Oil and Gas Conference and Exhibition held in Abuja.
Last year, the federal government approved local content regulations.
The regulations include Training in the Nigerian Oil and Gas Industry 2021; Continued growth of Indigenous capacity 2021; Registration of Oil and Gas Professionals with Nigerian Professional Bodies 2021; Establishment of operations in Nigeria 2021; Nigerian Oil and Gas Research and Development 2021; and Nigeria Oil and Gas Industry Enforcement and Compliance 2021.
Wabote said Section 40 of the NOGICD Act empowers the Minister to make regulations that will establish minimum standards for facilities, personnel and technology for training in the oil and gas industry.
He added that the ministerial regulations aim to provide a framework to monitor the implementation of the minimum standards prescribed for training in the oil and gas industry and to achieve specific results regarding the skills, experience and exposure of personnel. of the oil and gas industry.
“The seven ministerial regulations aim to strengthen the implementation of Nigerian content,” Wabote said.
Victor Bandele, Deputy Managing Director, Deep Water District, TotalEnergies EP Nigeria Limited, said the energy sector needed government guidance.
According to him, these orientations are necessary for the growth of the sector.
“Government must shape the way we move forward. If we don’t receive direction from the government, we will grope in the dark. Ministerial guidelines are the things we have to keep in mind,” he said.