The Senate Committee on Local Content on Wednesday began pre-hearing on the proposed amendment of the Nigerian Oil and Gas Industry Content Development Bill (2020).
In his opening address at the “Stakeholders Consultative Summit”, via a zoom meeting participated by DAILY POST, the Chairman, Senate Committee on Local Content, Senator Teslim Folarin said the proposed amendment to the Nigeria Oil and Gas Industry Content Development bill would afford stakeholders in the industry the opportunity to make inputs based on their experiences in the sector.
He listed two other private bills which would be legislated, to complement the gains recorded in the industry, assuring that, if the bills were passed, it would aid investment promotion, economic competitiveness, and others.
The two fresh bills which will receive the Parliamentary legislation, he said include “Nigerian Local Content Development and Enforcement Bill, 2020
and the “Nigerian Local content Development and Enforcement Commission Bill, 2020.”
According to him, the legislation would consolidate on the gains made in implementing of Local Content in the oil and gas industry pursuant to the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010 and providing the legal framework for the implementation of Local Content in other key sectors of the economy.
Senator Folarin added that the ninth Assembly would ensure that the oil and gas industry will work on the bills that address human capital development; public procurement; ease of doing business in Nigeria and infrastructure with a special emphasis on how the absence of developed infrastructure impacts on the development of local business, saying that those thematic areas have been elusive for long.
Meanwhile, the Speaker of the House of Representatives, represented by the Deputy, Hon. Idris Wase described the gut to legislate on the proposed three private bills as significant in the life of the ninth Assembly, asserting that when they are passed, the law will regulate and guide local content.development in Nigeria.
The Speaker said the bills are a revolutionary way of addressing human capital and economic challenges in a post-COVID-19 Nigeria.
He said: The focus of these Bills are to expand the implementation of the principles of local content development into the various sectors of the Nigerian economy and provide the institutional framework to regulate and guide local content development.
“These Bills are of very significant if not revolutionary effect on the Nigerian economy particularly at this time of our national development and in the circumstances of the global economy with the COVID 19 pandemic currently ravaging the world.”