Local oil and gas service companies said the reappointment of Engr. Simbi Wabote as the Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), is a key driver for the 70 per cent local content target in the oil and gas sector.
He was reappointed last Friday after recommendations to President Muhammadu Buhari by the Minister of State for Petroleum Resources, Chief Timipre Sylva.
The local services under the aegis of Project 100, in a statement, lauded Buhari and Sylva for rewarding the outstanding performance of Engr. Wabote in the last four years.
The statement by the Chairperson of the Project 100 Executive Committee, Mrs. Funmi Ogbue, said beyond managing the NCDMB and completing its headquarters building, Wabote also recorded several landmark achievements.
Mrs. Ogbue who is also the Managing Director of Zigma Ltd, one of the firms, said: “We are glad that he will be around to complete several innovative initiatives and projects he had started with a view to driving local content in Nigeria’s oil sector beyond the current 30 percent level.”
Wabote had midwifed Project 100 initiative in 2017 at the Federal Ministry of Petroleum Resources, by identifying 100 oil and gas start-ups and deploying special institutional interventions including financing, and access to market, for their incubation, maturation, and growth into world-class service companies.
About 60 local oil service companies make up the P100 beneficiaries with capacity in six core service areas and over 200 technical service offerings.
The group said these 60 firms contribute over N50 billion to the Gross Domestic Product (GDP), created 1,500 direct and 15,000 indirect employees in the oil sector.
“We are also happy to have him around to fully execute the Nigerian Content 10-Year Strategic Road Map, a roadmap he introduced, which delineates the activity schedule, new milestones towards increasing Nigerian Content performance from 28% to 70% by 2027. This will result in the creation of 300,000 jobs and retain $14bn in-country out of the $20bn annual industry spends.”