NCDMB: We’ve Invested $300m to Support Local Businesses

Blessing Ibunge in Port Harcourt

The Nigerian Content Development and Monitoring Board (NCDMB) has disclosed that it has disbursed over $300 million to support local businesses in the country.

This was the board also stated that it has achieved over 260,000metric tonnes of fabrication in-country, and was already exporting fabrication capacity to other parts of Africa.

Speaking with THISDAY at the Nigerian Content Capacity Building Workshop for Media Stakeholders held in Port Harcourt, the Acting General Manager, Research, Statistics and Development, Omomehin Ajimijaye, revealed that the NCDMB set aside $500 million to support local content including research and development.

He said research and development was a cornerstone of the NCDMB’s operations, assuring that the Board would facilitate the acceptance of products researched and developed in-country that meet industry standards, as part of efforts to develop and enhance local capacity.

Ajimijaye, said the board had achieved about 54 per cent local content value in the few years of existence, expressing belief that it would hit over 70 per cent in the nearest future.

“To support local content, for instance we have about $500 million. Out of that, with our partners we have already disbursed more than $300 million to support local business people and investors.

“Out of this $500 million, $50million is specifically for Research and Development. We recently graduated 17 high potential businesses. We took them through the system, we are in partnership with Founders Institute.

“The potential for support for the industry is in excess of $500 million. For research and development in particular, we have $50 million in that space and all of it has not been taken.

“So, anyone who wants to play in that space is free to come onboard, go through the process and take advantage of this money.

“We at NCDMB give them that assurance that if you are able to do your research, and develop your products, that will help the industry, we will push your products to be used in the industry and given right of first refusal.”

Speaking on recent achievement by the board, Ajimijaye said, “We have invested millions of naira in Ama Technologies to build a factory for gas lick dictator device in Abuja, which we are going to commission this week. I told you about sole power, the Bio-remediation product and several other products like that.

“In the space of local content development, we have 54 per cent local content value right now from almost nothing in the past. When you look at the proportion of contracts and businesses in the sector, you talk about fabrication, engineering, procurement, manufacturing and others,” he added.

Earlier, the NCDMB General Manager, Corporate Communications and Zonal Coordination, Mr. Esueme Dan-Kikile, mentioned that the Board’s new leadership and the new Executive Secretary, with lots of experience could achieve the Nigerian Content 10-year plan.

He emphasised the media’s importance for development and urged them to use their power to scrutinise Nigerian Content.

He said, “Part of the Nigerian Content 10-year plan is to ensure that there are key fabrication centres in Nigeria and we have surpassed that target.

“Our plans was to be able to meet over a hundred metric tonnes of fabrication in-country, but as we speak we have over 260,000metric tonnes of fabrication in-country.

“So, we have exceeded the plans we had in place. As we speak there is excess capacity in fabrication. Some of our companies in Nigeria are now working outside the country, particularly in Senegal and other West African countries.

“In terms of human capacity, we have Nigerians who have the ability to sit in leadership positions in the entire oil and gas industry value chain, and that is already happening.

“We are not looking at 100 percent now because we still need activities that will be done outside in terms of investors’ interest.”