When the Nigerian Content Development and Monitoring Board (NCDMB) was established in 2010, its mission was to promote the development and utilisation of in-country capacities for Nigeria’s industrialisation by effectively implementing the Nigerian Content Act. While the board has, over the years, made giant strides towards actualising this goal with several policies to facilitate the participation of indigenous businesses in the Oil and Gas industry, changes in the global political and economic landscape call for a continuous rethinking of long-standing policies and implementing adjustments where necessary.
“NCDMB has been fantastic for the industry. The board has been an enabler. A lot of companies have benefitted, not just from the categorisation or the ring-fencing or the initiative of having Nigerian entities run the business. Some companies have benefited from the fund that they provide to enable them to acquire assets etc. It goes across the board. I think there are a lot of participants in the industry that may not be here if not for the NCDMB,” said Seyi Ajibola, MD/CEO of Zircon Marine Limited, during a live television interview exploring the challenges and opportunities in the Nigerian maritime industry.