……He is a great asset to Nigeria’s Oil and Gas sector says P-PESPI
The Partners for Petroleum and Energy Sector Prosperity Initiative has observed with keen interest the phenomenal development in the Nigeria Content over the years and therefore commend the viable leadership of Engr. Simbi Wabote and his team.
In a press release on Tuesday in Abuja, Chairman, P-PESPI, Charles Ibiang, says Wabote is a Valuable Asset to Nigeria’s Content Development.
“Since his appointment, there has been an upward movement in the Nigeria Content of the Oil and Gas sector, from 26% in 2016 to the 42% today.
“This is very significant in terms of Jobs & wealth creation, Employment, and In-country Capital retention.
“Industry information from Stakeholders in Petroleum Sector and NCDMB reveals that, Currently, the In-country Capital retention stood at 8billion Dollars, while about 50,000 Jobs has been created from 2010. Our indigenous Oil Companies like Seplat, Belema, Aiteo, Eroton, and others now contribute 16 percent to Nigeria’s Crude Oil Production and 60% to domestic Gas supply.
“This is a quantum leap inspired by Effective Leadership and Strategy.
The efforts leading to these great results were deliberate by Wabote’s leadership through the launch of the 10 Year Strategic Content Development Roadmap, in 2017-2027 which lay out the frameworks upon which this phenomenal success was anchored.
Ibiang recalled that in the immediate past, before the enactment of the NOGICD Act in 2010, Nigeria lost about 380 billion dollars to Capital Flight and 2 million Jobs over 50 years. Then, the local content was less than 5%.
P-PESPI’s Chairman says today, the story is different, there is in-country Capital retention of $8 billion; from the estimated Annual 20 billion dollars spent in the Oil and Gas sector. A $13bln In-country Capital retention is been projected by NCDMB’s10 Year Strategic Roadmap under Wabote.
Ibiang reiterated that the huge achievements so far, are due to the development of critical capacities and assets by local oil and gas service companies and increased domiciliation and domestication of industry operations, and diligent implementation of the 10 Years Strategic Roadmap by Wabote’s leadership.
Ibiang particularly praises his leadership for the great projects and Initiatives, which he described as “Ray Of Audacious Hopes” for Nigeria Content.
“These Unique Initiatives include, but are not limited to Establishment of two world-class pipe mills and five pipe coating yards, enabling local Nigerian firms to fabricate more than 250,000 tonnes of steel per year, and ownership of more than 40 percent of marine vessels used in the Petroleum industry.
“Under his Leadership, over 10 million training man-hours had been delivered via the board’s human capacity development programme, thereby enabling the indigenous workforce to sustain oil production, even at the peak of the COVID-19 pandemic lockdown, when many foreign Experts secluded or left.
“Similarly, the board through his leadership provided and extended Credit Facilities to the indigenous Oil and Gas Industry.
Funding Schemes and Loans were designed and developed for the Sector. Some of them were the Inauguration of a $50 million Nigerian Content Research and Development Fund to drive basic research, commercialization of research breakthroughs, the establishment of research centers of excellence, and sponsorship of university endowments.
“The board floated a $50 million special loan product for women in the oil and gas business to enable empowerment of the womenfolk in the industry, managed by Nexim (Nigerian Export-Import) Bank, and established another $30 million working capital fund to support oil and gas service companies and recently Wabote secured the approval of NCDMB Governing Council to set up a $50 million fund for a manufacturing product line, to be dedicated to companies that would operate in the Nigerian oil and gas parks, which was being constructed by the board in Bayelsa and Cross River states. These are outstanding achievements by all standards.
Ibiang commended President Buhari for the Appointment of an Industry Professional and Technocrat and the Choice of Engr. Simbi Wabote as Executive Secretary, NCDMB and hope this trajectory of appointing highly competent persons for other sectors sustainable for Nigerian growth and Development.
