As the 42nd Annual International Conference of the Nigerian Association of Petroleum Explorationists (NAPE) opened in Lagos, the Nigerian Content Development and Monitoring Board (NCDMB) called for broad industry support to tackle Nigeria’s energy challenges and revitalize oil production.
Engr. Felix Omatsola Ogbe, NCDMB’s Executive Secretary, addressed critical threats to Nigeria’s energy security, including pipeline vandalism and crude theft. He stressed that new investments and robust security measures in collaboration with host communities are essential for sector resilience.
To attract Foreign Direct Investments (FDIs) and expedite project funding, the NCDMB proposed an annual “FDI Week,” where the industry would focus on finalizing investment decisions. According to Ogbe, this effort would align with the March 2024 Presidential Directives to streamline contracts and attract faster, more substantial investments. The Board recommended holding FDI Week during major industry events like the Nigerian Oil and Gas Opportunity Fair (NOGOF), a platform where stakeholders share project opportunities.
Ogbe also highlighted a new policy, the “Back to the Creeks Initiative,” designed to foster security and stability in oil-producing regions. This initiative will reduce disruptions and build local goodwill by investing in social infrastructure and community development, from affordable financing for local contractors to upgrading schools and training teachers. The initiative aims to shift community perception, encouraging locals to see industry assets as part of their shared prosperity, ultimately enhancing asset security, lowering operational costs, and boosting crude output.
NCDMB’s initiatives mark a comprehensive approach to secure Nigeria’s energy sector and attract sustained investments. Full details of the “Back to the Creeks Initiative” will be unveiled soon, with a vision for safer, more productive energy operations.
