www.majorwavesenergyreport.com
LOCAL CONTENT
Wabote institutes $50M R&D intervention fund ...Says R & D panacea for Nigerian oil and gas industry challenges
T
he Executive Secretary of the Nigeria Content Development and Monitoring Board, (NCDMB) Engr. Simbi Wabote has stressed the Board’s commitment to change the narrative in research and development activities in the oil and gas industry with the implementation of the R&D Framework and the hosting of an R&D Fair and Conference to e n ge n d e r s t a ke h o l d e r s’ participation. Engr. Wabote made the statement during the flagoff of the NCDMB Research and Development Fair and Conference Roadshow before the Hon. Minister of State for Petroleum Resources, His Excellency, Chief Timipre Sylva in Abuja, recently. The Executive Secretary who enumerated the achievements of the maiden edition of the R&D Fair in 2017, explained that the
22
Majorwaves Energy Report
APRIL 2020, Vol 3 No 4
Board intends to develop an R&D specialized centre in Yenagoa with a model to convert ideas to products. He also dropped the hint that the Board is providing leadership in its drive for research development by launching a $50million R&D intervention fund to enhance the role of R&D in developing local content and for other stakeholders to contribute to the fund as most countries who have invested in R&D are optimal in their GDP. In his response, the Hon. Minister of State for Petroleum Resources, Chief Timipre Sylva commended the Board for the R&D initiative which according to him, is a good start and promised to be at the Fair and Conference to declare it open and carry out any other function that may be required of him. The Hon. Minister stated that R&D is a major pathway to job creation and the transformation of the nation from
a resource-based to a knowledgebased economy. He, however, regretted the non-responsiveness of the industry and the academia to research development and urged the industry to engage in R&D as the country is striving to move from an oil-based to a knowledge based home-grown technology after over five decades of oil production. Chief Sylva charged the industry to collaborate more with the academia to bring about home grown solutions to the nation’s problems. He further mentioned that the issue of climate change is a problem of carbon emission, not necessarily transition to renewables, hence, the industry should research into how it can reduce the carbon emission from oil exploration activities as the nation has far too long allowed other climes to dictate the narrative for us.
