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NCDMB-backed ‘Project 100 companies’ create 16,500 jobs, grow GDP by N50bn

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NCDMB-backed Project 100 companies create 16,500 jobs, grow GDP by N50bn

By Fortune Eromosele

The Nigerian Content Development and Monitoring Board, NCDMB, Monday, disclosed that Project 100 beneficiary companies currently contribute over N50 billion to Nigeria’s Gross Domestic Product (GDP) as well as create over 1,500 direct and 15,000 indirect jobs that benefit the nation.

In a statement in Abuja, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB) Engr. Simbi Wabote, said, the increased involvement of Project 100 Companies in supply chain of international oil companies (IOCs) and big EPCI companies will be a major boost in the quest to collectively support local companies to become large enterprises and deepen Local Content practice in Nigeria’s oil and gas industry.

Wabote who acknowledged the request made by the P100 companies reinforced his support to the scheme and tasked members to align with the concepts of diligence, aspiration, responsibility and maximum possibilities the industry offers.

The NCDMB further explained that Project 100 is an initiative between it and the Ministry of Petroleum Resources to identify 100 Nigerian oil and gas service providers and support them through special interventions to facilitate their incubation, maturation and growth into world-class service companies.

It stated that 60 oil servicing companies currently make up the scheme with capacity in 12 core service areas and more than 200 technical service offerings.

According to the NCDMB, Project 100 was conceived in 2017 to identify 100 start-up oil and gas companies and support them through special interventions to facilitate their incubation, maturation and growth into world-class service companies.

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The programme, it said, was introduced as part of the Boards mandate to develop the capacity of the local supply chain for effective and efficient service delivery in the oil and gas industry.

It noted that the first phase began in January 2019 and 60 companies were selected through a transparent process conducted by KPMG, an international consultancy firm.

The benefits of the scheme, it added, included special interventions, including access to market opportunities, access to capacity building, funding, policy prescription, research and development and business insight.

“The areas of competencies of the Project 100 beneficiaries include exploration, subsurface and seismic services, fabrication and construction, FEED, detailed and other engineering services, marine services and operations and inspection, testing and certification.

“Other key areas of competencies are inspection, hookup and commissioning, material and procurement, project management and consulting, well drilling services and petroleum technology as well as maintenance and modification among others,” it added.

Speaking in the same vein, Chairman of the Project 100 beneficiary companies executive committee Mrs. Funmi Ogbue, reaffirmed the programme’s capacity to develop and utilize Nigerian materials as well as the potential of the scheme to acquire and utilize Nigerian equipment.

Ogbue, who is also the Managing Director of Zigma Limited, made a case for the creation of a platform for P100 Companies for the purpose of engagement, collaboration and continuous development within the industry and the NCDMB.

Such platform, she said, would further help to drive the much-needed access to market for P100 Companies.

She further appealed to the premier oil industry local content board to facilitate valuable introduction and access of P100 Companies to owners of major projects such as NLNG Train 7 project, AKK, and to other major International Oil Companies, IOC, such as Chevron, Exxon, and national oil companies’ projects.

“P100 Companies should be introduced to marginal fields’ operators for project consideration. This will further drive the P100 imperatives and its sustainability,” Ogbue stressed.

Vanguard News Nigeria

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