NCDMB Targets $3.7bn from Commercial Ventures Investment

May 26, 2021

By Adedapo Adesanya

The Nigerian Content Development and Monitoring Board (NCDMB) is targeting about $3.7 billion from project developments in the country under its commercial ventures partnership programme.

This valuation was given by the Executive Secretary of NCDMB, Mr Simbi Kesiye Wabote, in his keynote address at the ongoing virtual bi-annual Nigerian Oil & Gas Opportunity Fair (NOGOF) 2021. He explained that it has committed a total of $332 million in investments.

According to Mr Wabote, some of the partnerships undertaken by the board include the 5,000 barrels per day Waltersmith Modular Refinery at Ibigwe, Imo State and NEDO Gas Processing Company in Kwale, Delta State for the establishment of 80 million standard cubic feet per day (MMscfd) gas processing plant and a 300 MMscfd Kwale Gas Gathering hub.

He added that other investments include the development of 5,000 metric tons Liquefied Petroleum Gas (LPG) Storage and loading terminal facility by Triansel Gas Limited in Koko, Delta State and construction of Energy Park, inclusive of a modular refinery, power plant and 40 MMscfd gas processing facility at Egbokor, Edo State by Duport Midstream.

The agency said it also partnered with Brass Fertiliser for the development of a 10,000 MT/day Methanol Plant and 500 MMscfd gas processing plant at Odiama in Brass as well as with Rungas Group for the manufacturing of 1.2 million composite LPG cylinders annually in Bayelsa and Lagos States.

In addition, there is the Butane Energy to deepen LPG utilization in the north with the roll-out of LPG bottling plants and depots in Kano, Kaduna, Katsina, Bauchi, Nassarawa, Zamfara, Niger, Plateau, Gombe, Jigawa states and Abuja.

The Executive Secretary confirmed that some of the organisation’s partnerships would be completed and commissioned with the next two years, notably a modular refinery in Edo and Bayelsa State.

In his words, “We shall complete and commission composite LPG cylinder manufacturing plants with a combined capacity of 1.2million cylinders per annum. We shall commission three other projects dedicated to gas processing, LPG bottling, and production of base oil.

“We shall also commission and commence operations from our industrial parks at Odukpani and Emeyal-1 and we shall commercialize at least one R&D project and close skills gaps in under-water welding and any other core skill required in the industry.”

Mr Wabote also promised that the President Muhammadu-led administration with its policies will open the door for local and foreign investors.

He said the declaration of a Decade of Gas by President Buhari, the impending passage of the Petroleum Industry Bill, the amendment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, the ratification of the African Continental Free Trade Area (AfCFTA) agreement and the recently approved and gazetted Ministerial Regulations are some of the policy and regulatory-driven opportunities in the coming years.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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