NIGERIAN Content Development and Monitoring Board, NCDMB, said it is targeting a six-month timeline for contracting cycle.   Executive Secretary of the Board, Simbi Wabote, said such strict timeline is part of new measures to shorten the protracted contracting cycle in the oil and gas industry and revitalize the implementation of Nigerian Content. Prior to this, contracting cycle had elongated between two to four years, causing huge frustration amongst investors in the sector.

Speaking at the Nigerian Gas Association, NGA, conference in Abuja, Wabote, stated that the Board would introduce speed and simplicity into its approval processes to ensure that Nigerian Content reviews and approvals do not delay the execution of projects and escalate the cost of crude oil production.

“We will strike a balance. We will not stop reviewing tenders but we will also ensure that projects are executed speedily, Nigerians benefit and there are in-country value additions,” he said. While commending past Executive Secretaries of the Board for the achievements they recorded while on the saddle, Wabote stated that NCDMB would begin to review its performance since the enactment of the Nigerian Content Act in 2010 and set agenda for local content value addition in the next five years.

He noted that the Board would adopt a pragmatic approach adding that “our strategy will take into account the current realities in the industry, the job creation drive of the Federal Government and national aspirations for the oil and gas industry provided in the 7 Big wins document launched by Mr. President.”

Wabote charged industry stakeholders, local service providers, particularly members of the Petroleum Technology Association of Nigeria (PETAN) to embrace proposals for longer contract tenure of at least five years to support the reduction of the contracting cycle, capacity building and asset acquisition.