Oil
FG proud of Nigerian Content achievements-Alison-Madueke
By Leo ATABE
YENAGOA – The Federal Government has commended the achievements of the Nigerian Content Development and Monitoring Board (NCDMB) within its four years of existence, describing the agency as a major contributor to the transformation agenda of President Goodluck Ebele Jonathan.
The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke gave the commendation last week while fielding questions from journalists after visiting the headquarters of the Board in Yenagoa, Bayelsa State.
According to her, “we are all extremely pleased at the Federal level with the various achievements this Board has recorded within this period of time. It is quite clear from our various movements particularly when we go to international foraand see the numbers of Nigerians that are now exhibiting the services they deliver to the industry. It is progressing robustly every year and going from strength to strength. Within Nigeria, the success of Nigerian Content is incredible.”
The Minister also underscored the adoption of the Nigerian Content philosophy by other sectors of the economy like the Ministry of Communications Technology and Ministry of Power as further proof that that the implementation of the Act has been effective.
She said, “the fact that Nigerian Content policies are about to be deployed in various parts of the economy and ministries as well want to copy and learn from the Ministry of Petroleum is one of the things we can be actually proud of. It is one of the strengths of the oil and gas sector in the President Jonathan’s administration and we are very pleased with it.”
On her expectation for the future, Alison-Madueke expressed confidence thatNigerian Content implementation will “lend itself in a critical way to the growth of the nation’s economy and development of the citizenry in terms of knowledge,capacity building and employment generation.”
Speaking earlier at the Bayelsa State Investment and Economic Forum (BSIEF), the Minister charged Nigerians, particularly indigenes of the state to take advantage of the Nigerian Oil and Gas Industry Content Development Act and the fact that NCDMB is located in Yenagoa to play key roles in the oil and gas industry.
She listed key initiatives of the Board which would benefit Nigerians and Bayelsa indigenes directly to include the pilot pipe mill being developed at Polaku, Bayelsa State, the NCDMB Headquarters building project in Yenagoa, the Oil and Gas Industrial Park development in Utuoke, Bayelsa State, artisanal training programme being organised by the Board in conjunction with the Federal University Utuoke, and a host of other activities.
The Minister further explained that over $200m will be invested in the pilot pipe mill project, which is expected to be completed before the end of 2015. Noting that civil works and development of jetty have started, she said over 500 direct jobs and 10,000 indirect jobs will be created by the project while some community youthswill be trained abroad to work in the plant.
Alison-Madueke who doubles as the chairman of NCDMB’s Governing Council also confirmed that the Board’s headquarters’ building project will cost over$200m and is planned to be completed in 36 months. To ensure adequate participation of young Nigerians in the project, the Board has commenced thetraining of 100 artisans who will eventually work in the project. She stated that the project will employ over 1000 workers while 10,000 indirect jobs in subcontracts and supply opportunities will be created.
She also identified the Oil and Gas Industrial Park as another major developmentwhich will create opportunities for Nigerians, including Bayelsa indigenes. Giving an update on the project, the Minister said about $100m investment will be sunk into the project and infrastructure construction will commence later in the year.The facility will provide a platform for the manufacturing of components of the oil and gas industry equipment and create over 50,000 jobs.
Throwing more light on the provisions of Nigerian Content Act, the Ministerclarified that “Nigerians have been given first consideration in various areas in the oil and gas sector. These areas range from award of oil blocks, oil field licenses, oil lifting licenses. There is also exclusive consideration to Nigerian indigenous service companies which demonstrate ownership of equipment, personnel and capacity for jobs in land and swamp operating areas.”
She added, “There are so many areas within the industry that you can come into. Visit the NCDMB office and get a copy of the Act so as to be informed about the myriad areas of opportunities through the Nigerian Content Act.”
In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.
The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.
This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.
These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.
The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.
By Yemie Adeoye
NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.
The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”
The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.
Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.
As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.
Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”
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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.
We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.
“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.
On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.
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