The Nigerian Oil & Gas Indsurty Content Act

On 22nd April 2010 His Excellency the President of Nigeria, Dr Goodluck Jonathan signed the long awaited Nigerian Local Content Bill. www.nigcontent.com

 The Act heralded a new dawn to;

•The Nigerian Industry

• for Nigerians as a people

The objective of the bill is to;

•Create an in-country opportunity for economic growth through local capacity building by obliging the oil & gas industry to purchase all goods and services that are made and provided locally.

•To create in-country technical contribution through the partnering of foreign companies with local companies to take advantage of the opportunities offered by the Bill.

The Bill intends to meet its objectives over a period of some years, through the setting of bench marks. By this way, Nigeria will be able to uplift and industrialise its economy and provide employment to its citizens.

 

Objectives of Local Content Policy

Local content is a matter of MUST for Nigeria to industrialize. For it to succeed it:
—•Should create value
—•Have clear objectives & targets
—•Be measurable and assessable.
—•Be sustainable.
—•Its gradual
—•Must be supported by both law and contracts.
—•Must cover all industries and all aspects of the country.
—•Be based on long term investment and JV partnering and transfer of technology.

 

Local Content APPLIES TO OIL & GAS

UPSTREAM ACTIVITIES

Manufacturing Requirements More Oil & Gas Specific and High Tech

DOWNSTREAM ACTIVITIES

Manufacturing Requirements More Broad Base & Base & Suitable To Our Current Industrialisation Level

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