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By Milcah Tanimu

The Nigerian Content Development and Monitoring Board (NCDMB) guarantees the initiation of the construction of a low-cost manufacturing hub for oil and gas industry equipment components and spare parts in Ondo State. The facility, situated at Ilaje Local Government Area, is part of the Nigerian Oil and Gas Park Scheme (NOGAPS) developed by NCDMB, in collaboration with prominent oil companies.

The NOGAPS projects aim to bolster in-country capacity in the oil and gas industry and reduce the reliance on imported equipment. The NCDMB Director, Monitoring and Evaluation, Mr. Akintunde Adelana, stressed the importance of utilizing local resources, including local manpower, technical services, and indigenous goods, to drive the country’s value-adding activities in the industry.

During the “Develop Ondo 2.0 Investment Summit” in Akure, Ondo State Acting Governor, Mr. Lucky Aiyedatiwa, expressed gratitude to esteemed international partners, investors, and sponsors for their support. The summit seeks to attract a significant US$2 billion investment to the state and promote its resource-rich and investment-friendly environment.

The NDDC, a Platinum Sponsor of the Summit, affirmed its commitment to supporting Ondo State’s development efforts, emphasizing the need for planning ahead for a future without oil revenues. Collaborative efforts between the NDDC and state governments are sought to ensure that meaningful projects are prioritized for the people’s benefit.

The summit, themed “Developing Possibilities,” features speakers discussing investment opportunities and development prospects, further highlighting Ondo State’s potential for a remarkable industrial revolution. The Summit will conclude on Wednesday, 26th July.