Senate Committee on Local Content Development Sets Agenda for Nigerian Content Growth
Pan Afric Reporters, NASS, Abuja
The Senate Committee on Local Content Development has reaffirmed its commitment to promoting Nigerian content in the oil and gas industry, as well as other linkage sectors.
In his inaugural speech as chairman of the committee earlier today Wednesday at National Assembly, Senator Joel Onowakpa emphasized the importance of ensuring Nigerians benefit from the country’s natural resources.
Senator Joel recalls that the committee’s mandate, as stipulated in Order 96 of the Senate Standing Orders 2020 (as amended), includes promoting local capacity development, technology transfer, and patronage of local manpower with the aims to create an enabling environment for businesses to grow, develop critical assets and skills, and most importantly, increase revenue.
“The mandate of the committee as a manual is stipulated in order 96 of the senate target order 2020 amended, it is clear and unambiguous, which is to ensure that Nigerians benefit from the country’s natural resources.
For emphasis, let me read order 96 and it states. “There shall be a committee known as committee on local content, appointed at the commencement of the Senate. The jurisdiction of the committee shall include the Nigerian content development and Monitoring Board matters related to local capacity development, transfer of technology in oil and gas industries, matters of local content and transfer technology in other martial industries, such as construction, ICT, etc.”
He noted that the Nigerian Content Development and Monitoring Board (NCDMB) will plays a vital role in achieving these objectives. Established by the Nigerian Oil and Gas Industry Content Development Act, the board has increased Nigerian participation in the oil and gas industry, creating economic opportunities and improving livelihoods.
The benefits of local content development cannot be overstated. It leads to job creation, development of critical assets and skills, growth of local businesses, increased revenue, and improved balance of payments.
“The committee will work hard to create a enabling environment that fosters the growth of businesses, promote our creation and develop critical assets and skills. And Nigerian content development and monitoring firm plays a vital role in achieving these aims.”
To achieve these benefits, the committee will collaborate closely with the NCDMB, operators, service providers, and local businesses. The committee will also provide oversight and support the board in implementing policies that promote local content development.
In addition, the committee will engage with international companies and their agencies to ensure compliance with existing local content laws and regulations. The committee chairman assured of his commitment to working tirelessly to promote Nigerian content development and transition in the machine industries, oil and gas sector, and other linkage sectors.
The committee’s efforts are expected to have a significant impact on the Nigerian economy, and its commitment to promoting local content development is a step in the right direction.
