By Eunice Nnachi, Yenagoa
The Executive Secretary of Nigerian Content Development And Monitoring Board (NCDMB), Engr. Simbi Wabote, have expressed gratitude to His Excellency, President Muhammadu Buhari and the Federal Executive Council for approving the Oloibiri Museum project, in Bayelsa.
According to him, the Oloibiri Museum and Research Centre is another complementary infrastructure that will enhance Conference Tourism in this part of the country.
He also said that, the oil and gas sector between 2021and 2022 steadily dropped behind Agriculture, Trade, Telecommunications/ICT, and Real Estate in terms of sectors that contributed the most to Nigeria’s GDP.
Wabote who stated this on Thursday, in Yenagoa, at the Nigerian Content Tower, during the Nigerian Oil and Gas Opportunity Fair 2023, said this role expected of the oil and gas industry has been dwindling due to missed opportunities as a result of policy inconsistencies, deferred decisions, and investments apathy.
Speaking on the theme, “Catalyst and Fuel for the Industrialization of Nigeria”, Wabote expressed his excitement, to be with delegates physically again in Bayelsa.
Wabote said, “On behalf of our partners, PTDF, SPDC, and Bayelsa State Government, let me use this opportunity to once again express our gratitude to His Excellency, President Muhammadu Buhari and the Federal Executive Council for approving the Oloibiri Museum project.
” I am excited to be here with you physically again in our own conference centre especially as the COVID-19 pandemic prevented us from congregating at the last edition which was held virtually.
“This year theme reflects the pivotal role the oil and gas industry is expected to play in driving the economic growth and development of Nigeria.
“Of late, this role expected of the oil and gas industry has been dwindling due to missed opportunities as a result of policy inconsistencies, deferred decisions, and investments apathy.
“Just to set the context, I would like to draw your attention to the nation’s GDP growth rate between the years 2021 to 2022 as released by the National Bureau for Statistics (NBS).
“Over this period, the growth of the nation’s GDP has been marginal, but the reality is that we need to drive the growth rate to double digits for us to achieve the level of economic advancement and development that we desire.
“The NBS report noted that the total annual contribution of oil to aggregate GDP in 2022 was 5.67% compared to 7.24% in 2021.
“The oil sector has steadily dropped behind Agriculture, Trade, Telecommunications/ICT, and Real Estate in terms of sectors that contributed the most to Nigeria’s GDP,” he said.
He said Norway has doubled its GDP in the last 2 years from $171.2 Billion to $367 Billion with the oil and gas sector contributing about 20% followed by their hydropower.
“Although Norway is in a different clime from Nigeria, we share some similarities when we look at the huge deposits of natural resources coupled with a skilled labour force and the adoption of new technology that made Norway a prosperous country during the twentieth and twenty-first centuries.
“It is my belief that the oil and gas sector can serve as the catalyst that will enable us to achieve the desired double-digit GDP growth rate if we are bold and disruptive in our strategy,” he stated.
Speaking further he said in the aspect of creating opportunities, the NOGICD Act has sets the minimum targets in 278 services across oil and gas value chain in the Schedule.
He said that he has always referred to the Schedule of the NOGICD Act as a compendium of opportunities waiting for any serious investor to tap into.
The ES, said beyond the core oil and gas activities related to Exploration and Production, there are several related activities enable by the industry such as security, insurance, medicals, ICT, legal services, aviation, catering, and several others.
“We have therefore designed NOGOF with the following objectives in mind: Showcase opportunities in the Upstream, Midstream and Downstream sectors of the Petroleum Industry.
“Provide opportunity for foreign and local investors to build synergies in the Nigerian oil and gas industry.
“Provide Nigerian companies and prospective investors an opportunity to showcase their capabilities.
“Provide stakeholders with information on upcoming projects to enable Nigerian companies/manufacturers tailor their business development strategies.
“Identify high impact activities with potential for in-country value addition with a 5-year outlook to deepen the practice of Nigerian Content,” he said.
Wabote further noted that opportunities driven by policies, guidelines, regulations, and statutes are attractive to investors as there is clarity on the framework governing their business endeavours.
On his part, Governor Douye Diri, of Bayelsa, commended the Executive Secretary for the Oloibiri Museum and other infrastructural development, also training and retraining of youths and women, in Bayelsa.
He said that the prosperity government have also done two major programme for youths of Bayelsa, for them to be skillful.
Represented by the Commissioner for Mineral Resources, Mr Ebirin Jones, he urged the Nigerian government to look into establishment of pipeline company that can produce them here in Nigeria.
He said most of the youths in Bayelsa, are unemployed, he charge the oil firms to create an opportunity for Bayelsa youths to be trained and skillful