………says IOCs are violating In-country Investment
The Nigerian Content Development and Monitoring Board (NCDMB) has charged the federal government to invest in research and development while adding that the board has established N50m research and development grant to encourage academia and private researchers to come forward with their research ideas.
The Executive Secretary, NCDMB, Simbi Wabote, who, also stated that the Petroleum Industry Act would bring a lot of opportunities, especially in the gas sector said that , “if we don’t invest in research and development, soon these developed countries will come. We must invest in local technology.
Wabote who said these at the Real News 9th Anniversary Lecture and investiture added that, “soon, the global community would advise all of the companies that manufacture the technology who give us the tools to look for gas and oil not to manufacture hydrocarbon tools, if not they won’t fund them. They will advise them to manufacture tools for alternative sources of energy.
“Having passed it, everybody now knows what the law and the principles are within the law, the Petroleum Industry Act would help open up investments.
“If investment comes, there would be job opportunities for Nigerians, our production would increase and we would be able to support the whole of Africa together in regards to increasing the energy consumption in Nigeria”, he said.
He further stated that of all the international oil companies (IOCs) operating in Nigeria, Total Energies E&P Nigeria Limited has kept faith with the Nigerian oil and gas industry’s in-country investment agreement despite challenges and uncertainties in the last 10 years.
The NCDMB boss stated that other companies are still engrossed with activities outside the country when there are lots of unemployed Nigerians and fabrication yards that need to be explored.