The Ministry of Petroleum Resources yesterday said the launch of Project 100 was aimed at promoting and nurturing wholly- owned indigenous Nigerian oil and gas service providers with the aim of supporting them to grow into large – scale players creating high impact in the economy.
Speaking at the launching ceremony in Abuja, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu , described the initiative as the foundation for the nation’s economic turnaround.
He stated that the project would impact the economy positively in terms of job creation, technology development, wealth creation and other local content indicators.
Kachikwu, who is the initiator of the project said, the logic for the project was his belief in Nigeria as a nation and the potential of the people. He stated that given the right environment Nigerians can lead the world.
“Project 100 is based on the logic that Nigerian have the capacity to led the industry, build cars, and develop technology,”he said.
Giving an overview of the project, the executive secretary of Nigerian Content Development and Monitoring Board (NCDBM), Engr. Simbi Kesiye Wabote, said the project was initiated alongside NCDBM to look holistically at 100 wholly indigenous oil and gas companies and nurture them to the next level.
Speaking on how the project would impact the benefitting companies, he said, “We would enhance their capacities, support them financially through the Nigeria Content Investment (NCI) Fund and help them find opportunities in the industry, in collaboration with the Nigerian National Petroleum Corporation (NNPC) and its subsidiary, NAPIMS.
“It is in our interest as a country to support companies operating in the oil and gas industry, so they can create jobs for our teeming population.”
Also speaking, the chief executive of Weltek Limited, Mr. Pedro Ige, one of the benefitting companies described the initiative as the best thing to happen to the nation’s oil and gas industry.