NDCMB Promotes Local Content In Oil And Gas Sector With $50 Million Research Fund.
The Nigerian Content Development and Monitoring Board (NDCMB) has reaffirmed its commitment to advancing local content in Nigeria’s oil and gas industry through its $50 million Research and Development Fund. The fund, established in 2020, is aimed at promoting research and innovation within the sector.
Felix Ogbe, Executive Secretary of the NDCMB, highlighted the board’s efforts during the opening session of the SciBiz 2024 annual conference, themed “Integrating Research, Innovation, and Policy: Triple Helix Pathway to Research Commercialisation.” Represented by the General Manager of Research and Development, Silas Ajimijaye, Ogbe underscored the NDCMB’s dedication to transforming research into commercially viable products and services.
Ogbe emphasised the importance of creating a collaborative ecosystem where researchers, investors, and government entities can interact, stating that “research and innovation represent the lifeblood of the Nigerian oil industry.” He further outlined how partnerships can strengthen local research efforts and position Nigeria as a global player in innovation.
The NDCMB is currently supporting 14 applied research projects, with plans to expand to more impactful initiatives in the near future. The board’s research fund, designed to provide critical financial support for research and development in the oil and gas industry, is pivotal to ensuring sustainability in innovation.
Also speaking at the event, Abdulmalik Halilu, President of Triple Helix Nigeria and Director of Monitoring and Evaluation at NDCMB, stressed the role of universities in commercialising research. Halilu pointed out that innovation should extend beyond laboratories to address real-life challenges, turning academic research into practical solutions that drive economic growth.
According to data from the World Intellectual Property Organisation, Nigeria has made significant progress in research and innovation, with patent applications rising from under 100 in 2016 to over 400 in 2023. Halilu expressed optimism that Nigeria’s universities could evolve into entrepreneurial centres of excellence, playing a central role in the commercialisation of research and fostering economic prosperity.
The SciBiz conference aims to bridge the gap between research and practical innovation, ensuring that academic advancements translate into real-world solutions.
