The Nigerian Content Development and Monitoring Board (NCDMB), on Tuesday, May 25, said it has committed a total of $332 million under its commercial ventures partnership programme in order to attract project developments worth $3.7 billion in Nigeria.
NCDMB Executive Secretary, Engr. Simbi Wabote, who disclosed this at the bi-annual Nigerian Oil & Gas Opportunity Fair, NOGOF, 2021, which was held virtually for the first time.
Wabote listed some of the Board’s partnerships, including the 5,000 barrel per day Waltersmith Modular Refinery in Ibigwe, Imo State, and NEDO Gas Processing Company in Kwale, Delta State, for the establishment of an 80 million barrel per day refinery.
Other investments include Triansel Gas Limited’s development of a 5,000 metric ton LPG storage and loading terminal facility in Koko, Delta State, and Duport Midstreams’ construction of Energy Park, which includes a modular refinery, power plant, and 40MMscfd gas processing facility in Egbokor, Edo State.
Wabote also disclosed that the Board partnered with Brass Fertiliser to develop a 10,000MT/day Methanol Plant and 500MMscfd gas processing plant at Odioma in Brass, as well as with Rungas Group to manufacture 1.2 million composite LPG cylinders annually in Bayelsa and Lagos States, and with Butane Energy to deepen LPG usage in the North with the roll-out of LPG bottling plants.
Kano, Kaduna, Katsina, Bauchi, Nassarawa, Zamfara, Niger, Plateau, Gombe, Jigawa are among the states, along with Abuja, with depots.
He noted that some of the Board’s partnerships, such as a modular refinery in Edo and Bayelsa State, would be completed and commissioned within the next two years.
He also said:
We will finish and commission composite LPG cylinder manufacturing plants with a combined capacity of 1.2 million cylinders per year. Three additional projects will be launched, including gas processing, LPG bottling, and base oil production. We will also commission and begin operations from our Odukpani and Emeyal -1 industrial parks, as well as commercialize at least one R & D project and close skills gaps in under-water welding and any other core skill required in the industry.
Wabote hinted that the implementation of new policies and the enactment of new laws will open up new avenues for discerning investors.
President Muhammadu Buhari’s declaration of a Decade of Gas, the impending passage of the Petroleum Industry Bill, amendments to the NOGICD Act, ratification of the AfCFTA agreement, and the recently approved and gazetted Ministerial Regulations, according to him, are some of the policy and regulatory-driven opportunities in the coming years.
According to Ernest Nwapa, the pioneer Executive Secretary of NCDMB, the oil and gas industry has experienced remarkable and sustainable growth through local content in the last 15 years, and no other sector of the Nigerian economy has seen comparable growth.
The Nigerian National Petroleum Corporation’s Group Managing Director, Meme Kyari, expressed the corporationh by tt’s willingness to work with potential investors to create value and a fair share of return on investment in frontier basin exploration, upstream gas field development, and financing of greenfield/brownfield additional production on assets.
He also confirmed that there are numerous opportunities in the development of gas and power infrastructure, as well as the expansion of gas pipeline networks, the development of gas-based industries, and the development of Integrated Power Plants.