P100 beneficiaries contributes N50bn to GDP – Ogbue —
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P100 beneficiaries contributes N50bn to GDP – Ogbue




 … Account for 1,500 direct and 15,000 indirect employees in the oil sector

Chairperson of the Project 100 Executive Committee, Mrs. Funmi Ogbue has disclosed that sixty companies that are currently Project 100 beneficiary is contributing over N50 billion to Nigeria’s Gross Domestic Product GDP as well as account for 1,500 direct and 15,000 indirect employees in the oil sector.


This was made known in statement signed in Abuja weekend in response to the recent reappointment of the Executive Secretary of the Nigeria Content Development and Monitoring Board NCDMB Engr. Simbi Wabote.


She stated that the NCDMB boss, beyond managing the NCDMB and completing its headquarters building, also recorded several landmark achievements that attracted local and international commendation.


According to her, “We are also happy to have him around to fully execute the Nigerian Content 10-Year Strategic Road Map, a roadmap he introduced, which delineates the activity schedule, new milestones towards increasing Nigerian Content performance from 28 percent to 70 percent by 2027.This will result in the creation of 300, 000 jobs and retain $14bn in-country out of the $20bn annual industry spends.”


She called on the NCDMB boss to see his reappointment as not just a reward for his hard work but as a call to further service and for him to justify the confidence reposed on him by the President and Nigerians.


Mrs. Ogbue who is also the Managing Director of Zigma Ltd (a Project 100 company) said that it is important that Wabote will be around to complete several innovative initiatives and projects he had started with a view to driving local content in Nigeria’s oil sector beyond the current 30 per cent level.



These special interventions for Project 100 companies include access to capacity building, funding and access to market. Sixty indigenous oil service companies currently make up the P100 beneficiaries with capacity in six core service areas and more than 200 technical service offerings.


The announcement of the renewal of the appointment was made during the weekend and the renewal followed recommendations to the President by the Minister of State for Petroleum Resources, Chief TimipreSyla.



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