Wabote highlighted that this percentage has remained stagnant since last year, based on thorough monitoring and evaluation of industry activities.
Addressing attendees at the 12th edition of the Practical Nigerian Content Forum (PNCF) held in Yenagoa, Bayelsa State, on Tuesday, Wabote explained the need for stakeholders to ponder on the industry's 54 per cent Nigerian Content level recorded in two consecutive years.
Under the theme 'Deepening Nigerian Content Amidst Divestments, Domestication, and Decarbonisation,' Wabote urged industry stakeholders to collaborate in enhancing the level of content and development in the sector in the coming years.
While acknowledging the commendable 54 per cent, he raised concerns about whether this figure signifies stagnation or a potential decline in Nigerian content within the sector.
“Your Excellencies and distinguished ladies and gentlemen…it is my pleasure to announce that the 2023 Nigerian Content level in the Nigerian oil and gas industry is 54% based on our monitoring and evaluation of industry activities. This is similar to the 54% NC level achieved last year.
“While the 54% NC Level achieved in 2023 is commendable, it calls for industry stakeholders to reflect if this is a sign of stagnation or the inflexion point leading to the decline in NC level in the oil and gas industry. From where I sit, I see some disturbing signs pointing in that direction, and I believe we can counter these emerging dynamics as this is not the first time we have faced such an onslaught on local content practice.
“I am sure you all know that getting the industry to this level of Nigerian Content is not a walk in the park, and I believe all discerning stakeholders in the industry will play their part to prevent us from going back to the dark days of implementing Nigerian Content as a token of consolation. The nexus between high Nigerian Content levels and the relative peace in the industry must not be lost on us”, he said.
