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Sylva: $50m research, devt fund to boost oil, gas production

The Minister of State for Petroleum Resources, Timipre Sylva, has said THAT the $50 million research and development fund set aside in the Nigerian Content and Development Board (NCDB), was to establish a research centre good enough for effective oil and gas produchastion in the country. Speaking yesterday in Yenagoa, during the launching of the $50 million research and development fund utiliSation roadmap for oil and gas industry in Nigeria, the minister, who was represented by the Permanent Secretary in the Ministry of Petroleum, Dr. Nasir Sani-Gwarzo, said the inauguration of the research and development fund by the board was timely and that it captured the government’s collective commitment to aggressively drive innovation and project the oil and gas sector in the path of integrated energy sector.

The launching, the minister explained, was part of the board’s 10 years research and development roadmap, adding that the key development and production submissions were sourced through local probabilities. He said: “In 2019, private sector practitioners with ICT in electronic equipment sector, pharmaceutical and biotechnology sector, automobiles and component sector, cumulatively spent over $528 billion on research and development, representing 22 per cent of the $2.6 trillion of global spent on research and development.

“The essence of this data analysis is to reinforce the importance of our local services companies to embrace research and development as key components of the business model. “It is my expectation that this research and development fund will provide the needed stimulus for the oil and gas sector. He said: “The research and development fund being facilitated by the Nigerian Content Development and Monitoring Board (NCDMB) will aid the research development in the oil and gas industry.

“We therefore implore the private sectors to complement the NCDMB research and development fund by actively supporting the government’s drive. Speaking at the occasion, Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, said research and development was pivotal in the growth and development of any nation, especially in the oil and gas sector, because it led to industrial revolution. He said: “It is time to start to nurture the growth of our homegrown technology rather than just being a wholesome consumer of other people’s innovation.”

 

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