NCDMB hauls N26 bn at local tech innovation

Sopuruchi Onwuka

The Nigerian Content Development and Monitoring Board (NCDMB) is to activate a $50 million or N26 billion fund it mapped out to facilitate innovation in the domestic petroleum industry and wider economy.

Roll out of the fund will be one of the major features at the second Nigerian Content Research and Development Fair scheduled early in the month with focus on “Creating Sustainable Collaboration in Research and Development for the Energy Sector.”

The Corporate Communications office of the NCDMB stated that the fair would establish the protocol for deployment of the fund, launch the NCDMB 10-Year R&D Roadmap and also commission the Technology Innovation and Incubation center established by the agency.

The Oracle Today reports that the NCDMB is one of the agencies established by law to facilitate development of local industrial capacity in the oil and gas sector of the economy. The mandate of the organization is being expanded through amendment of the law to cover all sectors of the Nigerian economy.

Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote declared to journalists in Lagos that no country develops sustainably without focussing on research and development.

He described Research and Development as a critical enabler in achieving the target of 70 percent local content by 2027.

Engr Wabote said NCDMB created the $50 Million Research and Development Fund and signed a Memorandum of Understanding to establish R&D Centers of Excellence in five universities, notably Federal Universities of Technology in Minna, Akure and Owerri, Niger Delta University Amasoma and Modibbo Adama University of Technology Yola.

He made it clear that the NCDMB would use the $50 million Research and Development Fund to support research findings that have practical utilisation and have capability of being commercialised and applied to solve teething problems in the economy.

Any researcher benefitting from the fund, he said, must prove the relevance of the research and the commercial viability, hinting that the Fund did not require any collateral or guarantee.  

According to media information from the NCDMB, the fair which is scheduled to be hosted at the NCDMB Conference Hall, Yenagoa, Bayelsa State, would feature presentations of research breakthroughs, panel discussions on pillars of success and a special presentation on how Nigeria can adopt a sustainable acceleration program for launching innovative ideas into the market.

Minister of State for Petroleum Resources, Chief Timipre Sylva, is also booked to launch the NCDMB 10-Year R&D Roadmap, commission the Technology Innovation and Incubation Center established by the NCDMB and also launch the $50 Million R&D Fund utilization protocol. The incubation centre, according to NCDMB, is to facilitate innovation and incubation of ideas for market adoption.

The Executive Secretary recalled that the maiden edition of the R&D Fair was organized in 2017, where Research breakthroughs were exhibited, and linkages were facilitated between Researchers and end-users in the Oil and Gas Industry.

He remarked that the Board had recorded significant progress in elevating the industry collaboration on R&D since the last edition.

Some of the accomplishments included the establishment of Nigerian Content Research and Development Council to advise the Board on matters relating to research and development in the oil and gas industry and Development of R&D 10 Year Strategic Road Map, which will be launched during the 2021 R&D Fair.

Other achievements included the development of frameworks for supporting research breakthroughs to products for industry application, adding that over 20 Researchers are benefiting from the Board’s intervention.