The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced the federal government’s commitment to stimulating the economy and generating employment opportunities by encouraging local manufacturing within the oil and gas sector, thanks to the impending launch of the Nigerian Oil and Gas Park Scheme (NOGaPS).
He also underscored the effective implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010 as a crucial mechanism for realizing the Renewed Hope Agenda of President Bola Tinubu’s administration.
During a tour of the facilities and projects of the Nigerian Content Development and Monitoring Board (NCDMB) in Bayelsa State, Senator Lokpobiri pointed out that one of the major challenges faced by emerging players in the oil and gas sector is their limited access to affordable financing.
He mentioned that the National Content Intervention (NCI) Fund, administered by the Bank of Industry (BOI), will provide qualified oil and gas companies with the capital required to expand, enhance their capabilities, and generate employment opportunities.
Following his visit to the Nigerian Oil and Gas Park Scheme (NOGaPS) in Emeyal 1, located in Ogbia Local Government Area of Bayelsa State, the minister hailed the park project as a transformative initiative that will bolster domestic manufacturing within the oil and gas sector, marking a significant development in the nation’s endeavor to promote in-country production.
