NCDMB must limit NCF spending on indigenous companies at 80% —Stakeholders
Stakeholders in the local content sphere of the oil and gas industry has urged the Nigerian Content Development and Monitoring Board (NCDMB) to limit the amount it spends on indigenous companies, infrastructure development, capacity building and research and development to a minimum of 80 per cent and maybe the remainder 20 per cent can be expended on investment and other functions not directly related to local content development.
According to a report by The Borderless, a non-for-profit organization that monitors local content compliance and implementation in Nigeria, the NCDMB is urged to also improve on its regulatory duty of effective monitoring and enforcing compliance by operators, both foreign and indigenous companies.
According to the report, “NCDMB should be more above to its regulatory duty of effectively monitoring and enforcing compliance by operators.
The NOGIC Act should be amended to set a limit on amount of the Nigerian Content Fund (NCF) spent by the Board on its operations; “There must be express stipulation that at least 80 per cent of the NCF is to be expended on Nigerian indigenous companies, infrastructure development, capacity building and research and development.
“There must be express provision setting out the definition of a Nigerian Indigenous Company and there must be a review of timeline on ministerial waivers to reflect current realities.”
The Borderless also called for greater capacity building of the organised civil society on local content issues for greater public awareness and a more robust oversight regime by National Assembly to ensure better monitoring by NCDMB.
“Greater synergy between National Assembly and the organised civil society for more robust oversight regime, amendment of the NOGIC Act and increased public awareness,” it stated.