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April 19, 2024
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Shift in Nigerian Oil and Gas Regulation: New Governing Council Installed

The Nigerian Content Development and Monitoring Board (NCDMB) – has installed a new governing council. This board is significant in the oil and gas industry as it ensures domestic enterprises and workers benefit from these opportunities.

The governing council has been set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the oil and gas industry, like, executive vice-president for gas, power, and new energy at Nigerian National Petroleum Co. Ltd. The Nigerian Upstream Regulatory Commission (NUPRC), the chief executive officer of the National Insurance Commission (NAICOM).

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil) was the choice of suggesting Council’s chairman. In his talks, he emphasized that the agencies have been tapped together with the level of their professionalism and competence to reform the narrative as it stands in the oil and gas industry.

Lokpobiri, showcased most of the significant accomplishments of NCDMB in the past 13 years, but also, called for the new council members to top up the success record to all time high.The goal? This however does not translate to foreigners taking over roles of the locals and the infrastructure. However, we must ensure indigenous human and infrastructural capacity building so that Nigerians can be favoured for taking over the critical roles in this industry.

Olorundare Sunday Thomas, the CEO of the National Insurance Commission (NAICOM), appreciated the focused drive and commended the engine room behind the NOGICD Act. He reminded the council that it was its duty to continue the progress of the NCDMB and enhance the oil and gas value chain and Nigeria at large.

It’s a thrilling period in Nigeria’s oil and gas sector with this recent council possessing the potential to champion local content and capacity development opportunities for the country’s businesses and experts.

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