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Nigeria mulls surge in oil supply to India

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…Plans R&D, partnership

 

The Federal Government has commenced moves to increase trade relations between India and Nigeria especially in the supply of crude oil and Liquefied Natural Gas (LNG) as well as 10 per cent supply of India’s crude oil needs.

The Nigerian Content Development and Monitoring Board (NCDMB) – an agency of the government said this in a statement made available to New Telegraph.

The Board added that it was partnering the Indian Government and its relevant institutions with the goal of leveraging on India’s advancement in Information and Communication Technology (ICT) to develop the Nigerian oil and gas industry’s capabilities for research and innovation.

Executive Secretary, NCDMB, Engr. Simbi Wabote who in company with some senior officials of the Board, according to the statement, met with the Indian High Commissioner to Nigeria, His Excellency, BN Reddy in Abuja.

He said that they discussed the Board’s plans to engage the Indian Institute of Technology (IIT), the Indian Chamber of Commerce and a host of other institutions.

The IIT, a leading university in India, has one of the most successful innovation and entrepreneurship eco-system, with over 160 startups over the last six years in various fields, including the oil and gas industry. It also has ongoing relationship with major oil and gas companies including Exxon-Mobil, Shell among others.

The statement quoted Wabote to have underscored the trade relations between India and Nigeria especially in the supply of crude oil and Liquefied Natural Gas (LNG). Nigeria supplies 10 percent of India’s crude oil needs.

He said that the relationship between the two Commonwealth countries can be deepened in the area of ICT, manufacturing and processing of hydrocarbons.

He explained that the Board is continually looking for ways to push the boundaries of Local Content practice, especially in key sectors of the economy that are linked to the oil and gas industry and have the capacity to create multiplicity of jobs for Nigerians.

The discussion, according to the statement, also focused on fostering collaborations between Nigerian manufacturing firms and their Indian counterparts to domesticate the fabrication of modular refineries.

The Board also said it hopes to attract investors from the South Asian country to establish LPG cylinder manufacturing factories in Nigeria and participate in the Nigerian Oil and Gas Parks Scheme (NOGAPS).

In his welcome comments, the High Commissioner noted that India has the highest rate of start-ups in the world and the feat was achieved through a programme called ‘Start-up India. He promised to facilitate the Board’s engagements with the Indian institutions.

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