NCDMB and IOCs to Audit Nigeria's Oil and Gas Capacities

The Nigerian Content Development and Monitoring Board (NCDMB) and International Oil Companies (IOCs) are set to audit in-country capacities within Nigeria's oil and gas sector. Engr.

Felix Omatsola Ogb disclosed this on Monday in Abuja during the 25th edition of Nigeria Oil and Gas (NOG) Week. The audit aims to develop a framework that harmonizes grading systems for various countries' capacities and capabilities.

This initiative is part of the next phase of local content growth, following the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, which saw indigenous participation rise from less than 5% to 61%. The audit will provide insights into existing capabilities, eliminate intermediaries, and improve contract timelines.

It will also support major capital projects and establish a robust vendor development program. The joint industry capacity audit is expected to commence in the third quarter of the year.