- The Nigerian government promotes local oil and gas manufacturing through the Nigerian Oil and Gas Park Scheme (NOGaPS) for economic growth
- Access to affordable finance for emerging oil and gas players will be facilitated by the National Content Intervention (NCI) Fund
The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has announced that the federal government aims to stimulate the economy and create job opportunities by promoting local manufacturing within the oil and gas industry. This initiative will be facilitated by the Nigerian Oil and Gas Park Scheme (NOGaPS).
Senator Lokpobiri highlighted the effective implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010 as a vital element in realizing President Bola Tinubu’s Renewed Hope Agenda.
One of the major challenges emerging players face in the oil and gas sector is limited access to affordable finance. To address this issue, the National Content Intervention (NCI) Fund will be administered by the Bank of Industry (BOI), providing qualified oil and gas companies with access to capital to support growth, capacity building, and job creation.
The minister commended the Nigerian Oil and Gas Park Scheme (NOGaPS) project in Emeyal 1, Ogbia LGA of Bayelsa State, describing it as a pivotal element in the nation’s efforts to boost domestic manufacturing within the oil and gas sector. The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote, added that the Emeyal-1 park is set to be commissioned in the first quarter of 2024, with a slight delay due to flooding that affected several states in the second and third quarters of 2022.
Africa’s Challenges Not Too Big to Solve, Says Obasanjo
Former President Olusegun Obasanjo has urged African leaders to seek homegrown solutions to the continent’s myriad problems. Speaking to a delegation of students and youths from across African countries, Obasanjo emphasized the need for Africa to address its unique challenges through locally designed and implemented solutions.
He highlighted the peace achieved in the Tigray region between the TPLF and the Ethiopian federal government as an example of an African solution to an African problem. Obasanjo also called for solutions to challenges such as insecurity, youth unemployment, lack of skills, frustration, and poor governance.
The students visited Obasanjo to express gratitude for his role in signing the Pretoria peace agreement between Ethiopia and the Tigray Liberation Front.
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