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NCDMB Hosts Nigerian Army, Showcases Local Content Milestones

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The Nigerian Content Development and Monitoring Board (NCDMB) on Thursday in Yenagoa, Bayelsa State, played host to a team of ranking military officers from the Nigerian Army Resource Centre (NARC), Abuja, on a local study tour.
At an interactive session at the Nigerian Content Tower (NCT), corporate headquarters of the NCDMB, the Executive Secretary of the Board, Engr. Felix Omatsola Ogbe, presented a portrait of Nigeria’s oil and gas industry in its first 50 years of operation and the highpoints in implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.
According to him, the earlier phase was marked by capital flight amounting to an estimated US$380 billion, loss of two million jobs as a result of human capital deficits, and less than five percent in local content.

ALSO READ: Osun Indigenes In Côte d’Ivoire Applaud Adeleke

In sharp contrast, is the post-NOGICD Act era which has witnessed phenomenal development of in-country capacity and capabilities as a result of creative enforcement and monitoring of industry operations as well as strategic interventions by the NCDMB.
The NCDMB boss explained that local content hit 56 percent at the end of 2023, which translates into in-country retention of 56 percent of oil and gas industry yearly spend on operations – a feat that has made the NOGICD Act as well as implementation strategies the model for other oil- and gas-producing countries in Africa.
The target for the NCDMB, he pointed out, is 70 percent in 2027.
With emphasis he declared that the NCDMB wants to ensure that equipment and tools as well as services required for oil and gas operations are made and procured in Nigeria.
In accounting for the success of the Board thus far and the feasibility of its performance targets in capacity development, he said, “We take research and development seriously,” citing the centres of excellence established, equipped and funded by the Board in the six universities, one in the six geopolitical zones of Nigeria.
The ES, who was represented by the Director, Corporate Services and Capacity Building, Dr Ama Ikuru, observed that the Nigerian Army itself has raised the bar in research and development as well as local content, in relation to human capital development and local manufacturing of some components used in military operations.
While conducting the guests, which comprised officers between the ranks of Lieutenant Colonel and General currently undergoing an 11-month Leadership and Strategic Course 3/2024, round different sections and facilities of the Board, Dr Ikuru had the team familiarised with the Board’s Technology Innovation and Incubation Centre (TIIC).
Its success story in aiding individuals with innovative ideas and facilitating technology adaptation and process improvement was highlighted.
In further elaboration of the Board’s activities and engagements, the Director, Monitoring and Evaluation, Alhaji Abdulmalik Halilu, noted that there is a history of “mutually beneficial partnership between the Army and the NCDMB,” citing the involvement of the Board’s personnel as resource persons at the Nigerian Defence Academy, Kaduna.
According to him, “It is good the military sees NCDMB as a partner.”
In his own remarks, the General Manager, Corporate Communications and Zonal Coordination, Barr. Esueme Dan Kikile, noted that the visit of the military officers who are Participants of the Leadership and Strategic Course 3/2024 from the NARC, afforded the Board and guests a useful platform for interaction and knowledge sharing.
He urged the guests to “tell the success story of the NCDMB” wherever they find themselves”.
Team leader for the military officers, Maj Gen Abubakar A. Tarfa (retd), explained that the Local Study Tour was part of an 11-month course and that members of the team were all professionals in diverse fields – engineering, medicine, nursing, and administration, among others.
He said the course was designed “To prepare participants for higher responsibilities” and that the tour would provide necessary exposure, to have the officers acquainted with the NCDMB and its role and monitoring programmes that “ensure steady growth in local content” in the oil and gas industry.
Maj Gen Tarfa pointed out that there is “a relationship between leadership, strategy and national security,” and that the training and associated activities underline such realities.
He said, “military assistance to civil authority for oil production in the Niger Delta toward national development” was a major motivating factor in their study tour of the state.
On behalf of participants, Lt. Col. Juliet Aziekwu expressed appreciation for the interactive session, stating, “We are better informed about the NCDMB and its role; we’ll put the knowledge into use.”
Earlier in opening remarks, Dr. Ezeobi, noted that there was a nexus between what the military officers were in the state to do and what the NCDMB does, that is, capacity building.
He said they were thus in the right place.
On the entourage of the NARC team was the Commander of the 16th Brigade of the Nigerian Army, Yenagoa, Brig Gen Oluremi Obolo.

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Trade Tensions Hit Nokia As Q1 Ends In €68M Loss

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Nokia has reported a net loss of €68 million for the first quarter of 2025, a sharp decline from the €438 million profit recorded during the same period last year.

The Finnish telecoms equipment maker attributed the downturn to global trade disruptions and recently imposed tariffs by the United States.

The company’s net sales dropped slightly to €4.4 billion, down by one percent year-on-year.

READ ALSO: Trade War: China Strikes Back Wth 125% Tariffs On U.S. Goods

Tariff-related challenges were highlighted by Nokia’s President and CEO, Justin Hotard, who acknowledged the broader economic pressures affecting the industry.

“We are not immune to the rapidly evolving global trade landscape,” Hotard stated. “However, based on early customer feedback, I believe our markets should prove to be relatively resilient.”

He also noted the potential short-term financial impact, saying, “Based on what we see today, we currently expect a EUR 20 to 30 million impact on our comparable operating profit in the second quarter from the current tariffs.”

Earlier this month, U.S. President Donald Trump introduced a 10 percent tariff on global imports, while pausing plans for steeper duties, including a proposed 20 percent levy on products from the European Union.

Despite the quarterly setback, Nokia expressed confidence in its growth prospects.

The company is looking to its Network Infrastructure, Cloud and Network Services, and Mobile Networks divisions to drive sales in the year ahead.

In a sign of continued momentum in the mobile segment, Nokia also announced on Thursday that it had extended its contract with T-Mobile US.

The company said it is continuing “to see positive signs of stabilization” in Mobile Networks.

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Marketers In Anguish, As Dangote, NNPC Ltd War Drag Price To N880/litre

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The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.

Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.

The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.

ALSO READ: BREAKING: Again, Dangote Cuts Petrol Price To N835 per Litre

In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.

Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.

Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.

Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.

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Gold Prices Hit Historic $3,500 Amid Trump Tariffs, Fed Tensions

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Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.

The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.

READ ALSO: JUST IN: Vatican Discloses Cause Of Pope Francis’ Death

The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.

Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.

Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.

“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.

Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.

The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.

 

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