The Nigerian Content Development and Monitoring Board has stated that it has eliminated middlemen from the oil and gas value chain and reduced the contracting cycle to six months, following Presidential Directives issued by President Bola Tinubu in March.
The Executive Secretary of NCDMB, Felix Ogbe, stated this on Monday at a breakfast meeting in Lagos. Ogbe confirmed that NCDMB had complied fully with the Presidential Directive on Local Content Compliance Requirements, 2024 (EO 41), which sought to ensure that only local service companies that have domiciled proven capacities and capabilities could participate in oil and gas tenders.
He said, “NCDMB has reduced its touch points and fast-tracked projects approval processes, in compliance with the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024 (EO 42).”
According to Ogbe, the presidential directives and the board’s compliance were geared towards attracting new international and local investments, encouraging speedy development of oil and gas projects and improving the Nigerian economy.
