The Nigerian Content Development and Monitoring Board (NCDMB), has said it was open to discussions around investment opportunities aimed at reviving the ailing Ajaokuta Steel Company, in Kogi State
Minister of Mines and Steel Development, Olamilekan Adegbite, had last year, hinted that the resuscitation of the Ajaokuta Steel Company and the National Iron Ore Mining Company (NIOMCO) projects will gulp about $1.45 billion (about N522 billion).
Simbi Wabote, Executive Secretary, NCDMB, boss disclosed this at a media briefing on the 2021 virtual Nigeria Oil and Gas Opportunity Fair(NOGOF) holding May 25 to 26 May, with the theme ‘‘Leveraging Opportunities and Synergies for Post Pandemic Recovery of the Nigerian Oil and Gas Industry.
The NCDMB boss stated that “hosting NOGOF is line with the key thrusts of the Nigerian Oil and Gas Industry Content Development Act 2010 (“NOGICD Act”) which charged the NCDMB to build and support the development of local capacities and capabilities in the oil and gas industry, to foster institutional collaboration, maximizing participation of Nigerians in oil and gas activities, linking oil and gas sector to other sectors of the economy, maximizing utilization of Nigerian resources, among others.”
‘‘If the opportunity presents itself and the economics is right, why not. The current administrator of Ajaokuta steel was a colleague in Shell and l know him. For now, they are struggling with a lot of things but as soon there is clarity, we may consider the option
He stated that that one of the key objectives of NOGOF is to bring together key stakeholders including investors, operators, government, and major players across the sectors of the oil and gas industry, corporate players, independents among others, to ensure quality discussions.
On the theme, he said it is important as it acknowledges the industry wide disruption occasioned by the COVID-19 pandemic and it encourages constructive discussions on the recovery and way forward.
He maintained that NCDMB is conscious of the need to project industry opportunities available to stakeholders-especially investors.
To this end, he assured that all delegates will receive a copy of the compendium of Nigerian content opportunities in the oil and gas industry 2021, adding that he believes the compendium is able to guide the strategy of investors in the Nigerian Oil and Gas industry
He said the fair would feature technical and opportunity sessions from various stakeholders, virtual networking opportunities, an award ceremony in recognition of distinguished industry players and a virtual exhibition opportunity for registered organisations to present their activities and products to delegates.
He recalled that the maiden edition of NOGOF in 2017 at Uyo, Akwa Ibom State had over 1,200 delegates and 33 exhibitors, while the 2019 edition in Yenagoa, Bayelsa State had over 1500 delegates and 52 exhibitors and more delegates would likely partake in this year’s edition.
Dwelling on the impact of NOGOF on the industry over the years, Wabote said some of the projects unveiled in the previous editions were already underway like the Nigeria LNG Train 7, while some others were delayed by the COVID-19 pandemic and would soon start to be executed.
He assured that Nigeria would record an impressive local participation in the Train 7 project