Speaking at the launch of ‘Project 100’ in Abuja, the Minister of State for Petroleum Resources, Ibe Kachikwu (the ‘Minister’), stated that the Federal Government is poised to play a commanding role in the industry globally through one hundred (100) indigenous companies.
The initiative is promoted by the Ministry of Petroleum Resources in conjunction with the Nigerian Content Development and Monitoring Board (“NCDMB”) and will provide financial and non-financial as well as technical support and access to market for the beneficiary companies. The hope is that by boosting the exploration activities of indigenous oil companies the nation will generate an additional $40 billion. The Minister submitted that the project would grow the nation through job and wealth creation as well as technology and skill development. He pointed out that the rationale of the notion is to identify, recognise and nurture wholly owned indigenous oil and gas service providers into large-scale players that can make a significant impact in the economy.
The Executive Secretary of NCDMB, Simbi Wabote, described the move as a milestone to the realisation of the local content objectives in the country. As a non-financial intervention, Wabote said the initiative would provide strategic business and technical support, access to market as well as promote local capacity development. He emphasised that growing local content remained a critical path to the nation’s oil and gas sector and maintained that the exercise was based on about 80 per cent non-financial imperatives, including policy, capacity building and access to market.
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