The Nigerian Content Development and Monitoring Board (NCDMB), has launched a US $50m intervention fund as part of efforts to deepen domestic research and development (R&D) activities in the oil and gas industry in Nigeria. The Executive Secretary, Simbi Wabote, said the launch of the intervention fund is part of the board’s leadership drive for research development.
“The intervention fund emphases the commitment of the board and its understanding of the importance of research and development activities in optimizing the economic productivity of the country. We therefore urge other stakeholders to contribute to the fund,” he said.
Read: Coronavirus – Low Crude Oil Prices May Force Nigeria to Abandon Production
Importance of Research and Development
Minister of State for Petroleum Resources, Chief Timipre Sylva, lauded the board for the R&D initiative, describing it as a good start. “R&D is a major pathway to job creation and the transformation of the nation from a resource-based to a knowledge-based economy,” he said.
He further urged the industry to collaborate more with the academia to bring about home grown solutions to the nation’s problems. He noted 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 Nigeria.
The ES was speaking during the flag-off of the board’s Research and Development Fair and Conference Roadshow in Abuja. He outlined the achievements of the maiden edition of the R & D Fair in 2017, noting that the board intends to develop an R&D specialised centre in Yenagoa, Bayelsa State, with a model to convert ideas to products.