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NCDMB, Stakeholders Wind Up On Local Content Regulations

NCDMB,Stakeholders wind up on local content regulations

The Nigerian Content Development and Monitoring Board (NCDMB) has held its final phase of engagements with oil and gas industry stakeholders on the draft of Nigerian Content Ministerial Regulations (NCMR).

The final forum was held in Lagos had in attendance representatives of the multinational and indigenous operating companies, service companies and select law firms working on the regulations.

NCDMB Executive Secretary,   Simbi Wabote, an engineer, was represented at the workshop by Director Finance and Personnel Management, Mr. Isaac Yalah, who stated the key objective of the event, which was “the adoption of the updated draft Ministerial Regulations by industry stakeholders for onward transmittal to the Minister for ratification”.

 He said the Board believed strongly in collaborating with key stakeholders in the development of policies, which was why it convened a number of engagements to obtain the reviews and endorsement of industry players on the regulations.

According to Yalah, Sections 36, 40, 41, 42, 47, 55 and 101 of the Nigerian Content Act empower the Minister of Petroleum Resources to make regulations that will foster the development of Nigerian content. He urged participants at the workshop to make robust inputs, which would be incorporated before the documents are dispatched to the Minister.

NCDMB Legal Services Co-ordinator, Mrs. Rose Chukwuonwe, noted that previous deliberations on the ministerial regulations had been impactful and successful.

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The ministerial regulations covers Research & Development (R&D); Training, Capacity Development; Growth of Indigenous Capacity; Nigerian Oil and Gas Industry Enforcement and Compliance Regulation; Registration of Operators and other professionals with Nigerian professional bodies; Technology transfer and Establishment of operations in Nigeria.

Source: The Nation

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