‘Project 100 contributes N50 billion to Nigeria’s GDP’


Creates over 16,000 jobs

Indigenous oil and gas service companies under the auspices of Project 100 (P100), have said they contributed over N50 billion to Nigeria’s Gross Domestic Product (GDP), and have created over 1,500 direct and 15,000 indirect jobs that benefit the nation.
 
The group, in a statement, said the increased involvement of Project 100 companies in the supply chain of international oil companies (IOCs), and big EPCI companies will be a major boost in the quest to collectively support local companies to become large enterprises and deepen local content practice in Nigeria’s oil and gas industry.
 
The companies made this disclosure in a presentation during a virtual meeting with the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, themed, “Project 100 Post-COVID Development Plan: Creating Survival and Growth Opportunities.”

 
Chairman, Project 100, Funmi Ogbue, reaffirmed the group’s capacity to develop and utilise local materials as well as the potential of the scheme to acquire and utilise Nigerian equipment much-needed access to market for the companies.
 
The group further appealed to the premier oil industry local content board to facilitate “valuable introduction and access of P100 Companies to owners of major projects such as NLNG Train 7 project, AKK, and to other major IOCs (Chevron, Exxon, NOCs etc) projects.
 
“P100 Companies should be introduced to marginal fields’ operators for project consideration. This will further drive the P100 imperatives and its sustainability,” Mrs. Ogbue said.
 
Responding, Wabote reinforced his support for the scheme and tasked members to align with the concepts of diligence, aspiration, responsibility, and maximum possibilities the industry offers.
 
Recall that Project 100 was conceived in 2017, to identify 100 start-up oil and gas and support them through special interventions to facilitate their incubation, maturation and growth into world class service companies.
  
Project 100 is an initiative of the Ministry of Petroleum Resources and the NCDMB, to identify 100 Nigerian oil and gas service providers, and support them through special interventions to facilitate their incubation, maturation and growth into world-class service companies.

About 60 oil service companies currently make up the scheme with capacity in 12 core service areas, and more than 200 technical service offerings.
 
The programme was introduced as part of the NCDMB’s mandate to develop the capacity of the local supply chain for effective and efficient service delivery in the oil and gas industry.

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