Group Managing Director and Chief Executive of MG Vowgas Limited, Godwin Izomor, has commended the Nigerian Content Development and Monitoring Board (NCDMB) for encouraging local companies to actively participate in the oil and gas sector.
Izomor, who gave the commendation at the three-day practical Nigerian content conference, which ended in Uyo, Akwa-Ibom State, yesterday, noted that before the local content law came into being seven years ago, only five per cent of every dollar spent in the petroleum industry went into the local economy.
He explained that developments in the industry, occasioned by NCDMB’s intervention, have equipped indigenous firms operating in the industry with requisite skill and capacity.
“At least, the local content policy has led to the rapid growth in the capacity of indigenous firms to deliver challenging industry jobs, and to the increasing competence of some Nigerian professionals and investors, who have proven themselves in this most challenging environment.”
Although, he warned that the patronage of local firms should not compromise industry standards, Izomor noted that “some companies servicing the industry through third party contracts still use tricks to keep themselves in business some of which run against the tenets of the local content law and international best practices.”
He added that MG Vowgas has carved a niche for itself in the fabrication of equipment in the industry having invested hugely in acquiring a world- class fabrication yard in Port Harcourt, Rivers State.
He stressed that manufacturing was basically fabrication and as such there was no manufacturing without fabrication, adding that the company was now ready for big business.
Speaking earlier, Executive Secretary of NCDMB, Simbi Wabote, expressed satisfaction that Nigerians were playing increasing roles in the running of critical sectors of the industry. He said the board was collaborating with the National Assembly to reduce the timeline for contracts execution in the industry.