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Senate calls for implementation of local content in key sectors of economy

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The Senate on Monday called for a legal framework for the implementation of local content in other key sectors of the Nigerian economy.

Chairman, Senate Committee on Local Content, Teslim Folarin made the call in Abuja, during a two-day Joint Public Hearing on three bills.

The bills are: Nigerian Oil and Gas Industry Content Development Act, 2010 (Amendment) Bill, 2020 (SB.417).

Others are the Nigerian Local Content Enforcement Bill, 2020 (SB.419); and Nigerian Oil and Gas Industrialised Content Act, 2010, Repeal and Re-Enactment Bill, 2020 (SB.420).

Folarin said that the Nigerian Local Content Enforcement Bill, 2020 sought to consolidate on the gains of the implementation of local content component in the oil and gas industry.

The chairman said that the rationale for separating the bill from the NOGICD Act was hinged on the peculiarity of the oil and gas industry which remained the bedrock of the nation’s economy.

While declaring the forum open, President of the Senate, Ahmad Lawan, said that local content was additionally very important as it related to being effective in harnessing other opportunities from oil and gas production.

Lawan, who was represented by Deputy Minority Whip, Philip Aduda, said that the significance of value was far-reaching in any system.

In his submission, Charles Epelle, Manager, Nigerian Content Development of Nigeria Liquefied Natural Gas (NLNG), said that the vision of the company was to help build a better Nigeria.

Epelle said that local content laws helped to build capacity, makes the country competitive and provide employment for youths.

 

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