Felix Ogbe, executive secretary of the NCDMB, spoke during an oversight visit by the senate committee on local content to the board’s facilities, according to a statement on Saturday by Obinna Ezeobi, the agency’s spokesperson.

The NCI fund is a portion of the Nigerian content development fund (NCDF), set up by section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

The NCDMB, in 2024, it deposited $300 million with the BoI, which had loaned out $330 million to 70 qualified oil and gas companies.

The board had said the loan yielded $30 million interests.

Ogbe, represented by Abdulmalik Halilu, the NCDMB’s director of corporate affairs, said the board has recorded success “in the Nigerian Content Intervention Fund (NCIF) managed by the Bank of Industry (BOI) with over ninety percent repayment”.

He said the board has recently achieved significant milestones, including facilitating a 10,000 metric tonnes (MT) capacity galvanising plant at Daewoo Yard, Port Harcourt, which has increased local galvanising capacity to over 180,000 MT.

Ogbe said the board also expedited the 300 million standard cubic feet per day (mmscfd) NEDOgas Development Company Limited’s Kwale Gas gathering plant in Delta state.

The NCDMB boss said the agency has advanced the “Nigerian Oil and Gas Parks Scheme (NOGaPS) at Emeyal 1, Bayelsa State, and Odukpani, Cross River State, which are at 90 per cent completion level; 10 megawatt Power Plant; and EGINA floating production storage and offloading (FPSO) integration facility, the first and largest in Africa”.

Speaking further, he said the board is focused on the ongoing construction of the NCDMB Gas Hub for gas-based industries, as well as its eight industrial parks across the country, and the human capacity development programme christened “back-to-the-creeks” initiative.

The executive secretary asked the legislators to support the board by excluding the NCDF from revenue deductions, citing section 104 of the NOGICD Act.

Ogbe said the board also wants the infrastructure challenges to be addressed and local content laws to be strengthened by aligning legislations for other sectors with the local content philosophy.

Also speaking, Joel-Onowakpo Thomas, chairman of the senate committee on local content, said the senate would provide legislative support to drive the board’s local content development initiatives.

Thomas reaffirmed President Bola Tinubu’s commitment to expanding local capacity in oil and gas and other sectors to create employment.

“Let me say that the benefits of local content cannot be overemphasized. It will lead to the creation of jobs for our people, development of critical assets and skills, growth of local businesses, improved balance of payments, and reduction of dependence on foreign goods and services,” he said.

“To achieve these benefits, collaborations between the Senate committee and board of the NCDMB is essential as we would work closely with the NCDMB to ensure that the provisions of the Act are implemented effectively.

“The committee will not only ensure oversight but will also support the board in efforts to develop and implement policies that promote local content development.”

In addition to collaboration with the board, Thomas said the senate committee would engage with other stakeholders “and create the enabling environment that fosters growth for local businesses and promotes job creation.”