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Sun, Aug 6, 2023 10:40 AM

NCDMB Seeks Collaboration with Insurance Sector to Strengthen Local Content Implementation in Oil and Gas Industry

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NCDMB Seeks Collaboration with Insurance Sector to Strengthen Local Content Implementation in Oil and Gas Industry
The Nigeria Content Development Monitoring Board (NCDMB) is calling for collaboration with the insurance sector to support the implementation of the Nigerian Oil and Gas Industry Content Act (NOGICD). The board believes that the engagement of various government agencies is essential in achieving its strategic goals of promoting local content in the oil and gas industry. Through collaboration, the NCDMB aims to achieve a 70% Nigerian content performance by 2027.

Lagos - The Nigeria Content Development Monitoring Board (NCDMB) is intensifying its efforts to strengthen local content in the oil and gas industry by seeking collaboration with the insurance sector. The board believes that the involvement of various ministries, departments, and agencies of the government is crucial in attaining its strategic goals and implementing the Nigerian Oil and Gas Industry Content Act (NOGICD).

During a conference organized by Oriental News Nigeria in Lagos, the Executive Secretary of NCDMB, Simbi Wabote, emphasized the importance of collaboration and synergy between different stakeholders. The NCDMB has been actively engaging with various critical stakeholders to support its strategic roadmap, which aims to achieve a 70% Nigerian content performance by 2027.

Wabote highlighted the joint efforts of NCDMB and the National Insurance Commission (NAICOM) in issuing the Insurance Guideline in 2022. This guideline supports the implementation of the insurance requirements outlined in Sections 49 and 50 of the NOGICD Act 2010. The collaboration between NCDMB and NAICOM aims to ensure the optimal utilization of local capacity in the insurance sector.

The underperformance of the insurance sector, particularly in relation to the oil and gas industry, remains a concern. However, building synergy between these two critical sectors holds great potential for the growth and development of the Nigerian economy.

Sections 49 and 50 of the NOGICD Act specifically provide a foundation for collaboration between NCDMB and NAICOM. These sections mandate all operators, project promoters, and Nigerian indigenous companies in the oil and gas industry to insure all insurable risks with registered insurance companies and brokers in Nigeria. The aim is to promote capital retention within the country and enhance the capacity of Nigerian insurance companies and brokers to support the oil and gas industry.

To facilitate effective collaboration between the two regulatory institutions, NCDMB and NAICOM established a Technical Committee. The committee developed structures and strategies, including the NOGIC JQS Statutory Reporting Module, which allows for the seamless submission of insurance performance reports by oil and gas companies to NCDMB and NAICOM for review and feedback. This interface streamlines processes, reduces turnaround time, and promotes ease of doing business.

With further refinements of the Application Programming Interface underway, NCDMB and NAICOM are committed to enhancing functionality and efficiency in their collaboration. The goal is to leverage the power of collaboration to ensure the successful implementation of local content policies in the oil and gas industry and drive economic growth in Nigeria.

Source of content: OOO News 2023-08-06 News

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