Chairman of the Senate Committee on Local Content and Senator representing Oyo Central Senatorial District, Teslim Folarin says the Nigeria Local Content Act, 2010 was split to meet up with the emerging challenges in the oil and gas industry.
Speaking on Monday at a two day joint public hearing on, “Nigerian Oil and Gas Industry Content Development Act, 2010 (Amendment Bill, 2020), Nigeria Local Enforcement Bill, 2020, and Nigeria Oil and Gas Industry Content Act, 2020, (Repeal and Re-Enactment Bill, 2020, Folarin said, the newly introduced enforcement component of the existing act would consolidate on gains of the substantive act.
The lawmaker in the upper legislative chamber noted that he sponsored the bill as a result of the need to provide legal frameworks for implementation of Local Content in other strategic sectors of the nation’s economy.
He said: “The bill, among other things, seeks to consolidate on the gains of the implementation of Local Content component in the oil and gas industry, pursuant to the enactment of the Nigeria Oil and Gas Industry Content Development (NOGICD), Act, 2020.
“The enactment of this bill, will no doubt provide the legal basis for the enforcement of the Presidential Executive Order No. 5, of 5th February 2018.”
Senate President Ahmad Ibrahim Lawan who was represented by the Deputy Senate Minority Whip, Senator Philip Aduda, on his part maintained that there are other untapped opportunities in the oils and Gas sector that the proposed amendment and the new enforcement bill intends to explore, adding that stakeholders should offer quality contributions to enable the legislature introduce laws that would stand the test of time.
Lawan said, “Content is value-adding and enriching aside its ability to promote originality.
Uniqueness comes from good thinking, purposefulness and consistency in policy outlines which also depends on good laws.