The quest by the Nigerian Content Development and Monitoring Board (NCDMB) to promote research and development in the oil and gas sector of the country received a major boost as Dangote Oil Refinery has thrown its weight behind the programme.
Dangote Petroleum Refinery was a platinum sponsor of the 2nd Edition of the NCDMB Research & Development Fair and Conference 2021, which took place in Yenagoa, Bayelsa State recently.
In a statement confirming the development, the firm said it used the opportunity of the R & D Fair to showcase its 650,000 barrels-per-day single largest train refinery project and what the company has done in terms of Research and Development during the construction of the refinery.
Speaking on the development, Executive Secretary, NCDMB, Engr. Simbi Wabote, commended the company for showing support to the board by participating in the fair.
He noted that there is a need for companies in the Nigeria oil and gas sector to start nurturing the growth of the country’s home-grown technology rather than just being wholesome consumers of other people’s innovations.
He said: “Analysis of global practices of Research and Development reveals that the combined R & D spending of just five countries makes up 63.5% of the entire global R & D spending. These five countries, namely USA, China, Japan, Germany, and India were also observed to have accounted for over 50% of the global Gross Domestic Products.’’
“Africa, on the other hand, accounted for less than one per cent of the global R & D spending while its GDP is only three per cent of the global GDP. You will agree with me that there is a nexus between the spending on Research and Development and economic prosperity,” Wabote added.
The federal government at the event launched a $50 million Research and Development Fund utilisation roadmap for the oil and gas industry to aid research and development.