Just In: NCDMB approves establishment of $50m fund for R&D

A total of $50 million has been approved by the Governing Council of the Nigerian Content Development and Monitoring Board, NCDMB, for Nigerian Content Research & Development Fund (NCR&DF).

The approval came following the NCDMB Governing Council meeting held on June 16, 2020, under the chairmanship of the Minister of State for Petroleum Resources, Chief Timipre Sylva.

According to a statement made available to iBrandTV, the Council approved the deployment of $50million Research Fund for sustainable funding of NCDMB’s mandate on Research & Development as enshrined in Sections 37 to 39 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010, which empowers NCDMB to superintend over R&D activities in the oil and gas industry.

NCDMB is implementing the Research and Development Roadmap to institutionalize a
robust R&D ecosystem that will lead to the continuous development of technology, materials and process for industry application from indigenous research efforts.

The statement reads: “A major success pillar is closing systemic weakness of inadequate funding architecture for R&D activities in the Oil and Gas industry.

“Nigeria spends about 0.2 per cent of its Gross Domestic Product (GDP) on R&D and this indicates a poor commitment to R&D, resulting in over-dependence on foreign technology for critical economic development activities, including oil and gas operations.

“The NCDMB R&D Fund is expected to close this gap and will be applied in four broad
Intervention areas, namely-Research (basic and applied), establishment of Centers of
Excellence in Academic and Research Institutes, Sponsorship of commercialization of
Research and Sponsorship of endowment of professorial chair.

“The operating model has been designed to ensure transparent and well-focused application of the Fund and it includes a Governance structure to leverage experienced researchers and industry experts in the decision-making process of selecting activities to be funded from the NCDMB R&D Fund. The Fund will be domiciled in a TSA Sub-Account in CBN.

READ ALSO: NCDMB approves Nigerian Content Intervention Fund expansion to $350m

“The NCDMB will put in place an outcome-focused performance metrics that will measure
success in the application of the Fund and form part of the reporting template to the Governing Council on an ongoing basis Following the Governing Council approval, the Nigerian Content Research and Development Council (NCRDC) held a meeting on June 25 and revalidated the identified focus areas for the utilization of the Fund.

“The council also decided that the Fund would also be deployed in developing and implementing a communication strategy for effective dissemination of
NCDMB R&D interventions as part of stakeholder management process.

“The NCRDC also approved the institution of a Performance management strategy to track
progress and ensure application of the R&D fund in line with the key performance indicators (KPI) approved by the Governance Council.

“It also approved the list for distribution of the smart gas leak and smoke detector alarm
device for field trial. The product which was conceptualised by Amal Technologies is a
research prototype sponsored by NCDMB.

“The scope of NCDMB’s R&D regulatory role includes development of capabilities for
Research and Innovation in Nigeria including facilities, equipment, personnel and processes, review and approve R&D plans of operating companies, monitor implementation of R&D projects to ensure the execution of Nigerian content requirements of domiciliation within Nigerian R&D Centers.

“Other roles include tying R&D spend to addressing industry technology, material, and
process challenges and facilitating commercialization of research breakthroughs and
Facilitating the deployment of successful products of research in industry Operations.

“To achieve its R&D mandate NCDMB developed the R&D framework anchored on seven (7) policy thrust, including focus on market-driven research, establishment of world class Research and Development (R&D) Centers of Excellence, establishment of Research and Development Council and provision of sustainable funding to support Research and Development.

“Other areas of focus include development of stakeholder collaboration matrix
for Research and Development (R&D), provision of enablers for commercialization of
research breakthrough and facilitation of acceptance and utilization of products of research
by end-users,” the statement added.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.