The implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in 2010 has enabled many Nigerians to benefit from the oil and gas industry in many ways, including assets ownership, capacity building and acquisition of critical skills, the Chairman Senate Committee on Local Content, Senator Solomon Olamilekan Adeola has said.
He stated this at the Local Content Stakeholders Strategy Session organized recently in Abuja for outgoing members of the Senate Committee on Local Content by the Nigerian Content Development and Monitoring Board (NCDMB).
The retreat titled “Deepening Legislative-Executive Relationship for Better Sectoral Performance” was held to review the activities of 8th National Assembly and set agenda for the incoming 9th Assembly.
According to Adeola ”Nigeria has a lot to gain economically by the faithful implementation of the NOGICD Act 2010, relating to the oil and gas industry as well as amendment of the law to embrace manufacturing, construction and communication and information technology sector.”
He added that an important agenda for the 9th National Assembly would be to quickly amend the Nigerian Content Act to cover other sectors like manufacturing, construction and ICT that are still dominated by foreign players. He also canvassed that the Board should be further empowered in the area of manpower in other to effectively regulate the international and local oil and gas companies, stating that some of them were still flouting the Nigerian Content Act in their operations.
“I want to also suggest that the Local Content Fund contributed by stakeholders should be more accessible to investors who remit the one percent fund. Nigerians Companies should be able to buy vessels from their manufacturers directly using the fund which will encourage accountability.”
In his address, the Executive Secretary, NCDMB, Engr. Simbi Wabote said the nation had recorded impressive achievements in the implementation of Nigerian Content Act since 2010, with Nigerians playing key roles in the oil and gas industry to the level of heading foreign firms in Nigeria. He added that the overarching focus of Nigerian Content, which is the domiciliation and domestication of value adding activities is being achieved creditably, rather than just “Nigerianization.”
He reaffirmed the determination of the Board to fulfill its mission “to be the catalyst for the industrialization of Nigerian oil and gas and its linkage sectors.”
Wabote also commended Senator Adeola for the strides he recorded as the Chairman of the Local Content Committee, despite the fact that the Committee was set up for the first time under the 8th Senate. He highlighted that the committee was able to keep major industry players on their toes by not relying solely on the Board for information but reviewing the activities of the stakeholders independently.
He promised that their commendations and positive feedback from the Committee will propel the Board in the pursuit of its 10-year strategic roadmap to increase Nigerian Content performance to 70 percent by 2027.