The Nigerian Content Development and Monitoring Board (NCDMB) will establish a $50 million intervention fund to support local content in the oil and gas industry.
This move is planned to change the narrative in research and development (R&D) activities in the industry.
The fund will be officially set up at the forthcoming 2020 R&D fair and conference, reports THISDAY.
The Executive Secretary of the NCDMB, Simbi Wabote, was quoted in a statement as disclosing this during the flag-off of the R&D fair and conference Roadshow in Abuja.
Wabote revealed that the board intends to develop an R&D specialised centre in Yenagoa, Bayelsa State, with a model to convert ideas to products.
He further explained that the $50 million R&D intervention fund was a product of the board's proof of leadership to enhance the role of R&D in developing local content and for other stakeholders to contribute to the fund, pointing out that most countries who had invested in R&D were optimal in their Gross Domestic Product.
Meanwhile, Wabote has called for collaboration with the Nigeria Police Force towards improving the operations in the oil and gas industry, stressing that security was critical to the oil and gas operations.