The Nigerian Content Development and Monitoring Board (NCDMB) has introduced updated contracting cycle guidelines to streamline operations in Nigeria’s oil and gas sector.
Engr. Abayomi Bamidele, Director of Project Certification and Authorisation at NCDMB, announced the development during a panel session at the Practical Nigerian Content (PNC) Forum in Yenagoa on Tuesday. He highlighted that the guidelines were commissioned by the Board’s Executive Secretary, with support from the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, at the NCDMB headquarters.
“This launch aligns with the executive order issued by President Bola Ahmed Tinubu and represents a milestone in addressing operational challenges faced by industry operators and contractors,” Bamidele said.
During the panel discussion themed “Evaluating Financial Strategies for Increased Local Content Implementation,” industry stakeholders praised the Presidential Executive Order for its role in reducing operational costs. However, they emphasized the need for additional regulatory and policy adjustments to improve cost competitiveness.
Lady Gracetiti Fredson, Executive Director of Corporate & Business Development at Forelight Energy Solutions Limited, called for an overhaul of the disbursement process for local content funds. While acknowledging the successes of initiatives like the Nigerian Content Development Fund (NCDF), Women in Oil & Gas Intervention Fund, and the Working Capital & Capacity Building Fund, Fredson urged the Board to simplify the documentation process for women-focused funds, which currently requires over 35 documents.
Hope Yongo, Technical Adviser to the Managing Director of the Nigerian Export-Import Bank (NEXIM), advised operators to pay closer attention to unauthorized deductions by commercial banks during transactions, highlighting this as a significant but often overlooked issue.
Adeola Akinrinmade, Executive Director of Finance at Petralon Energy and panel moderator, also called for a review of the documentation requirements for women in energy funds. She further advocated for capacity-building initiatives and urged the NCDMB to address challenges in downstream gas investment funding.
“There is a disparity between the dollar-denominated funding peg on the NCDMB platform and the Naira-based sales of downstream gas products. We request that the Board consider aligning the funding peg with the Naira to ease investment processes,” Akinrinmade stated.
Responding to the concerns, Ifeanyi Ukoha, Acting Director of Finance and Personnel Management at NCDMB, assured stakeholders that the Board remains committed to continuous policy reviews and adjustments to address industry challenges effectively.
The session underscored the need for collaborative efforts to enhance local content and foster sustainable growth in Nigeria’s oil and gas sector.
Virtue, they say, lies in the middle, but who among us can truly say where the middle is? Is it a fixed point, or does it shift with time, perception, and context? Perhaps the middle is not a place but a way of moving, a constant balancing act between excess and deficiency. Maybe to be virtuous is not to reach the middle but to dance around it with grace.
Even the gods, if they exist, must laugh from time to time. Perhaps what we call tragedy is merely comedy from a higher perspective, a joke we are too caught up in to understand. Maybe the wisest among us are not the ones who take life the most seriously, but those who can laugh at its absurdity and find joy even in the darkest moments.
Man is said to seek happiness above all else, but what if true happiness comes only when we stop searching for it? It is like trying to catch the wind with our hands—the harder we try, the more it slips through our fingers. Perhaps happiness is not a destination but a state of allowing, of surrendering to the present and realizing that we already have everything we need.
The essence of existence is like smoke, always shifting, always changing, yet somehow always present. It moves with the wind of thought, expanding and contracting, never quite settling but never truly disappearing. Perhaps to exist is simply to flow, to let oneself be carried by the great current of being without resistance.
All knowledge, it is said, comes from experience, but does that not mean that the more we experience, the wiser we become? If wisdom is the understanding of life, then should we not chase every experience we can, taste every flavor, walk every path, and embrace every feeling? Perhaps the greatest tragedy is to live cautiously, never fully opening oneself to the richness of being.
Friendship, some say, is a single soul residing in two bodies, but why limit it to two? What if friendship is more like a great, endless web, where each connection strengthens the whole? Maybe we are not separate beings at all, but parts of one vast consciousness, reaching out through the illusion of individuality to recognize itself in another.
The cosmos is said to be an ordered place, ruled by laws and principles, yet within that order exists chaos, unpredictability, and the unexpected. Perhaps true balance is not about eliminating chaos but embracing it, learning to see the beauty in disorder, the harmony within the unpredictable. Maybe to truly understand the universe, we must stop trying to control it and simply become one with its rhythm.
The essence of existence is like smoke, always shifting, always changing, yet somehow always present. It moves with the wind of thought, expanding and contracting, never quite settling but never truly disappearing. Perhaps to exist is simply to flow, to let oneself be carried by the great current of being without resistance.
The potential within all things is a mystery that fascinates me endlessly. A tiny seed already contains within it the entire blueprint of a towering tree, waiting for the right moment to emerge. Does the seed know what it will become? Do we? Or are we all simply waiting for the right conditions to awaken into what we have always been destined to be?
Man is said to seek happiness above all else, but what if true happiness comes only when we stop searching for it? It is like trying to catch the wind with our hands—the harder we try, the more it slips through our fingers. Perhaps happiness is not a destination but a state of allowing, of surrendering to the present and realizing that we already have everything we need.
All knowledge, it is said, comes from experience, but does that not mean that the more we experience, the wiser we become? If wisdom is the understanding of life, then should we not chase every experience we can, taste every flavor, walk every path, and embrace every feeling? Perhaps the greatest tragedy is to live cautiously, never fully opening oneself to the richness of being.
If everything in this universe has a cause, then surely the cause of my hunger must be the divine order of things aligning to guide me toward the ultimate pleasure of a well-timed meal. Could it be that desire itself is a cosmic signal, a way for nature to communicate with us, pushing us toward the fulfillment of our potential? Perhaps the true philosopher is not the one who ignores his desires, but the one who understands their deeper meaning.
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Watching a sunset over the ocean is one of the most peaceful experiences in life. Nature has a way of reminding us how small but connected we all are.