The Nigerian Content Development and Monitoring Board, (NCDMB), has reiterated the need to deregulate the downstream sector of the oil and gas industry to ensure efficiency and stability, The Guardian reports.

The Executive Secretary of the Board, Simi Kesiye Wabote, stated this yesterday while delivering a lecture titled; ‘Addressing Unemployment: Local Content as an option’ during a programme organised by the Institute of Directors in Port Harcourt, Rivers State.

Wabote noted that part of the challenge in the country’s downstream sector was because it is managed by government. He said, people clamour for privatization as a way out which according to him, would add more value to the sector and ensure a fair deal.

Wabote further lamented that, 16million Nigerians are out of job, a population of three African countries put together.He however disclosed that NCDMB has put up strategies to boost the local content value as it targets 300,000 jobs and $14billion increase of the oil and gas contribution in the Country’s GDP.

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