The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, yesterday said the federal government will work to boost the economy and create jobs by incentivizing local manufacturing in the oil and gas industry with the coming on stream of the Nigerian Oil and Gas Park Scheme (NOGaPS).
He also identified the effective implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010 as one of the key levers for actualizing the Renewed Hope Agenda of President Bola Tinubu’s administration.
Speaking during a tour of NCDMB facilities and projects in Bayelsa State yesterday, the minister noted that lack of access to affordable finance is one of the biggest challenges facing emerging players in the oil and gas sector.
He said the NCI Fund which is administered by the Bank of Industry (BOI) will assist qualified oil and gas companies to access the capital they need to grow, build capacities and create jobs.
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Commenting after he toured the Nigerian Oil and Gas Park Scheme (NOGaPS) at Emeyal 1, in Ogbia LGA of Bayelsa State, the minister described the park project as a game changer in the nation’s drive to boost in-country manufacturing in the oil and gas sector.
The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, stated that the Emeyal- 1 park would be commissioned in the first quarter of 2024.
He attributed the slight delay in the execution schedule to the devastating flooding that hit several states in the second and third quarters of 2022.
