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Federal Government restates commitment to developing Nigerian Content Act

By on January 24, 2013

With a determination to drive socioeconomic development in the Nation, the Federal Government has pledged to ensure that the policies in the lucrative Petroleum Sector is geared towards enhancing the capacity of Indigenous participation in the production and exploration activities as stipulated in the Nigerian content Act.

The Nigerian Content Act, a provision under the legislation guiding the operations of the Petroleum Sector is designed to effectively supervise, direct and enhance the capacity of production in the major revenue earning Industry for the Nation.

Federal Minister for Petroleum and Natural Resources, Mrs Diezani Allison Madueke made this assertion at the meeting of the Governing council of the Nigerian Content Development and Monitoring Board in Abuja.

Mrs Diezani Madueke who is also the Chairman of the Board said “Just by insisting on using Nigerians in the industry, we have deepened the local supply chain. I have no doubt that more jobs will be created in 2013 and we shall achieve greater localisation of industry services, manufacturing and fabrication in 2013.”

This policy by framework has already given more supports to local Nigerian energy firms that have experienced transformation and phenomenal growth in their operations in the Industry.

One of the key points about the Local Content Act is the policy thrust which has created over 30,000 jobs in the Country, The Minister shared optimism that with more participation from other local firms, the sector will receive massive boost.

On the impact made by the policy, the Minister asserted that “The board has to a large extent achieved consensus in most aspects of Nigerian content implementation to the extent that there has been no major dispute amongst stakeholders on interpretation of provisions of the Nigerian Content Law”