The Nigerian Content Oversight and Development Board (NCDMB) announced that it has invested $ 332 million to attract project developments valued at $ 3.7 billion under its business enterprise partnership program .
Its Executive Secretary, Simbi Wabote, made it known at the Nigeria Bi-Annual Oil and Gas Opportunities Virtual Fair (NOGOF).
According to him, the Council’s partnership has been quite productive, especially in terms of added value. For example, the Council’s partnership with Brass Fertilizer has led to the development of a 10,000 MT / day methanol plant and a 500 MMscfd gas processing plant at Odiama in Brass.
The Council is also in partnership with Rungas Group for the manufacture of 1.2 million bottles of composite LPG per year in the States of Bayelsa and Lagos; the same partnership exists between the NCDMB and Butane Energy to deepen the use of LPG in the North through the deployment of plants and LPG bottling depots in the states of Kano, Kaduna, Katsina, Bauchi, Nassarawa, Zamfara, Niger, Plateau, Gombe, Jigawa and Abuja.
Wabote said some of the council’s partnerships will be completed and inaugurated over the next two years, including modular refineries in Edo and Bayelsa states.
âWe will complete and commission composite LPG cylinder manufacturing plants with a combined capacity of 1.2 million cylinders per year. We are going to commission three other projects dedicated to gas processing, LPG bottling and base oil production. We will also commission and start operations from our industrial parks in Odukpani and Emeyal-1 and we will commercialize at least one R&D project and fill skills gaps in submarine welding and any other basic skills required in l ‘industry’, he said.
He continued, “We have broadened the possibilities of access to our intervention funds by increasing the size of our intervention funds from $ 200 million to $ 350 million, by increasing the number of products from 5 to 7, and by increasing also the number of managing banks from 1 to 2.
âWe have committed a total of $ 332 million to attract project developments valued at $ 3.7 billion under our Business Enterprise Partnership program.
âThe federal government is also implementing the 2.3 trillion naira economic sustainability plan managed by the vice president’s office for public works, housing program, solar home systems, agriculture, health and social investment.
âIt is undeniable that the desired level of opportunity cannot be exploited by Nigerian companies without the domiciliation of critical infrastructure such as roads, electricity, main lines, railways. Railways and stations, the Second Niger Bridge, the AKK pipeline, and other infrastructure projects provide unique opportunities for investments and businesses to thrive.
âThere are opportunities in manufacturing, logistics, security, facilities management, training, catering services, occupational health services and many more.â
Some of the other partnerships put in place by the Council include the Waltersmith 5,000-barrel-per-day modular refinery in Ibigwe, Imo State and the NEDO Gas Processing Company in Kwale, Delta State, for the in place of 80 million standard cubic feet per day (MMscfd) gas treatment. 300 MMscfd Kwale gas plant and collection center.
Other investments include the development of a 5,000 metric ton LPG storage and loading terminal by Triansel Gas Limited in Koko, Delta State, and the construction of Energy Park, including a modular refinery, a 40 MMscfd power plant and gas treatment plant in Egbokor, Edo State by Duport. Half-way.
Wabote is convinced that the deployment of new policies and the enactment of laws would open a new perspective of opportunities for investors. He said that the statement of a “Gas decade” by President Muhammadu Buhari, the imminent adoption of the Petroleum Industry Bill, the amendment of the NOGICD law, the ratification of the AfCFTA agreement and the recently approved ministerial regulations published in the Official Gazette have been a few -one of the political and regulatory opportunities for the years to come.
Likewise, the group general manager of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, expressed the willingness of the company to partner with potential investors for the creation of value and a fair share of the return on investment (RoI ) in the exploration of border basins, the development of upstream gas fields and the financing of additional greenfield / brownfield production on derisked assets. It has secured the opportunities that abound in the development of gas and electricity infrastructure, such as the expansion of gas pipeline networks, the development of gas-based industries as well as integrated power plants (IPP).
Other areas of opportunity, he noted, include refinery rehabilitation; the construction of new condensate refineries, as well as in the downstream sector, particularly in LPG and CNG plants across the country, the construction of pipelines and storage tanks as well as the development of shipping capacity .