The National Assembly on Monday began a two-day joint public hearing on Nigerian Local Content Enforcement Bill, 2020 (SB 419) and two other bills.
The two other bills are the Nigerian Oil and Gas Industry Content Development Act, 2010 (SB 417) and the Nigerian Oil and Gas Industry Content Act, 2010 (Repeal and Reenactment Bill, 2020 (SB 420).
Declaring the hearing open, the Senate President, Ahmed Lawan, said local content bill was very important as it would aid in effective harnessing other opportunities from oil and gas production.
He said, “In adding value to our economy from the Oil and Gas industry, we are responding to the call to expand our gains beyond resource revenue.
“The significance of value is far reaching in any system. They deal with substance. They are also of high quality, because it goes beyond a primary benefit, to the documentation of multiple avenues for content development.
“Content is value adding, and enriching, aside from its ability to promote originality. With good laws, we can shape our activities for decency and for compliance with international best practices.”
Lawan, who was represented by the Deputy Senate Minority Whip, Senator Philip Aduda, described the public hearing as a learning process to strengthen the oil and gas sector
“The sector is central to our resource base, just as a range of untapped prospects come with it. We have three related Bills before us, and we have a joint committee organizing this event.
“The stakes are therefore high, which is why our swift response to the invitation is commendable,” he said.
The chairman Senate Committee on Local Content, Senator Teslim Folarin, said the Nigerian Local Content Enforcement Bill, 2020 (SB.419), among other things, sought to consolidate on the gains of the implementation of local content component in the oil and gas industry.
This, he said, was pursuant to the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.
He added, “The Nigeria Oil and Gas Industry Content Development Act, 2010 (Amendment) Bill, 2020 (SB.417) seeks to amend the Nigerian Oil and Gas Industry Content Development Act, 2010 in order to enhance the implementation of the Act.
“Basically, the essence of this amendment is to streamline the extant Act in conformity with the industry’s best practices.
“The Nigerian Oil and Gas Industry Content Act, 2010 (Repeal and Re-Enactment Bill, 2020 (SB.420) seeks to repeal the Nigerian Oil and Gas Industry Content Act 2010 and enact the Nigerian Local Content Development and Enforcement Commission to address the local content needs of all the sectors of the nation’s economy.”
Ends.
