Simbi Wabote: Regulations on local content will drive investment in energy sector

Simbi Wabote, executive secretary, Nigerian Content Development Management Board (NCDMB), says the seven ministerial regulations will drive investment and growth in the oil and gas sector.

Wabote said this on Monday at the Nigerian Oil and Gas Conference and Exhibition held in Abuja.

Last year, the federal government approved the regulations on local content.

The regulations include training in the Nigerian Oil and Gas Industry 2021; Further Growth of Indigenous Capacity 2021; Registration of Oil and Gas Professionals with Nigerian Professional Bodies 2021; Establishment of Operations in Nigeria 2021; Nigerian Oil and Gas Research and Development 2021; and the Nigerian Oil and Gas Industry Enforcement and Compliance 2021.

Wabote said Section 40 of the NOGICD Act empowers the minister to make regulations that will establish the minimum standards in facilities, personnel, and technology for training in the oil and gas industry.

He added that the ministerial regulations seek to provide a framework for monitoring the implementation of the prescribed minimum standards for training in the oil and gas industry and achieving definite outcomes regarding the skill, experience and exposure of personnel in the oil and gas industry.

“The seven ministerial regulations are meant to strengthen the implementation of Nigerian content,” Wabote said.

Victor Bandele, deputy managing director, Deep Water District, TotalEnergies EP Nigeria Limited, said the energy sector required the guidance of the government.

According to him, these guidelines are needed for the growth of the sector.

“Government needs to shape how we progress. If we don’t get directions from the government, we’ll be groping in the dark. The ministerial guidelines are the things that we should keep in mind,” he said.