The Nigerian Content Development and Monitoring Board (NCDMB) revealed that Nigeria suffered a loss of more than $380 million prior to the enactment of the Nigerian Oil and Gas Industry Content Development Act in 2010.

The Executive Secretary of NCDMB, Simbi Wabote, made this statement during a sensitization workshop for the Rivers State judiciary in Port Harcourt.

Wabote emphasized that the focus of local content was not about nationalizing foreign firms but rather about promoting domestic value addition by domiciliation and domestication.

He highlighted the concerning trend where a significant proportion of the oil and gas industry value was previously retained outside the country due to value-adding activities being carried out overseas.

Before the enactment of the content development act, capital flight and job losses were rampant, with over two million job opportunities lost to foreign workers.

Less than 5 percent of the yearly oil and gas industry spending remained within the country.

Wabote stressed that local content thrives with the involvement of foreigners and foreign direct investments and that it should be treated as a business rather than merely a corporate social responsibility.

He also emphasized the uniqueness of each country’s local content implementation, stating that the approach and solutions should be tailored to the peculiarities of each nation.