NCDMB partners MDAs for attainment of strategic goals –Wabote
By Joy Obakeye
The Nigeria Content Development Monitoring Board (NCDMB), has said that the ultimate engagement of ministries, departments and agencies of the government is for it to attain its strategic goals.
In addition, the Board has craved the understanding and support of the insurance sector to strengthen its desire towards the implementation of the Nigerian Oil and Gas Industry Content Act (NOGICD) in the sector.
Simbi Wabote, the Executive Secretary (ES) of the Board, who made the call at the 2023 recently in Lagos, with the theme, “Building Local Content Synergy between the Oil and Gas and the Insurance Sector in Nigeria” said over the years, the Board has taken deliberate steps to forge collaboration with various critical stakeholders to support the attainment of its strategic goals and mandate.
Wabote, who was represented by Mr Daziba Patrick Obah, Director, Corporate Services of NCDMB, said that stakeholders’ engagement and collaboration is one of the key enablers to the Board’s ten-year strategic road map designed to achieve 70 per cent Nigerian content performance by the year 2027.
According to him, the reason for various engagements and collaborations between NCDMB and several MDAs, including the National Insurance Commission, NAICOM which crystalised in the joint issuance of the Insurance Guideline in 2022 to support the implementation of the insurance requirements contained in Sections 49 and 50 of the NOGICD Act 2010 was to ensure the attainment of its strategic goals.
“It is worthy to emphasize that collaboration between government agencies is crucial for effective public service delivery through alignments of areas of strength, better decision-making, sharing of resources, optimization of opportunities and a better understanding of issues and challenges with policy implementation.
“This ultimately, creates huge benefits for both country and citizens, as it enables collaborating agencies to understand and respond to the needs and expectations of Nigerians. In NCDMB, we recognize the importance of collaboration and synergy amongst government organizations and other stakeholders to the fulfilment of our statutory mandate.
“Similarly, the performance of the insurance sector, particularly about oil and gas businesses, is also sub-optimal due to various reasons, Wabote observed.
Speaking further he said that building synergy between these two critical sectors of our economy holds huge potential for the growth and development of the Nigerian economy.
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On the legislation, he said “In tradition to various provisions of the NOGIC Act and the Insurance Act, Sections 49 and 50 of the NOGICD Act specifically provide a ca concrete basis for NCDMB and NAICOM to work together to extract maximal value from both the Insurance and the Oil and Gas Industry for the Nigerian economy.
ion 49(1) states: “All operators, project promoters, alliance partners and Nigerian indigenous companies engaged in any form of business, operations or contract in the Nigerian oil and gas industry, shall insure all insurable risks related to its oil and gas business, operations or contracts with an insurance company, through an insurance broker registered in Nigeria under the provisions of the Insurance Act as amended”.
