By Ndubuisi Micheal Obineme
The Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, officially unveiled the Seven Ministerial Regulations at the Nigerian Content Seminar of the 2022 Nigerian Oil and Gas Conference in Abuja with the theme, “Expanding The Nigerian Content Frontier Through Intra-African Trade.”
In his presentation, Wabote disclosed that the Seven Ministerial Regulations will strengthen Nigerian Content and attract more investment into the oil and gas sector.
He stated that “Section 40 of the NOGICD Act empowers the minister to make regulations that will establish the minimum standards in facilities, personnel, and technology for training in the oil and gas industry.
Wabote outlined the seven ministerial regulations which include, Regulation No. 1 for training in the oil and gas industry; Regulation No. 2 for the further growth of indigenous capacity; Regulation No. 3 for registration of oil and gas professionals with the Nigerian professional bodies; and Regulation No. 4 for the establishment of operations in Nigeria.
Others include, Regulation No. 5 for Nigerian oil and gas industry technology transfer; Regulation No. 6 for Nigerian oil and gas research and development; and Regulation No. 7 for Nigerian oil and gas industry enforcement and compliance.
He explained, “These Seven Ministerial Regulations are meant to strengthen the Nigerian content and provides legal backing to the various aspects of the Nigerian Content practice not fully detailed in the NOGICD Act.
“The goal is not to create additional impediments but to create job opportunities and in-country value retention to address threats to our socio-economic stability.”
However, Wabote urged the stakeholders and players in the sector to key into the provisions of the regulations.
The Seven Ministerial Regulations were officially approved by the Minister of State for Petroleum Resources, Timipre Sylva in April 2021. The Regulations seek to provide a framework for monitoring the implementation of the prescribed minimum standards for training in the oil and gas industry and achieving definite outcomes regarding the skill, experience and exposure of personnel in the sector.