The Speaker of the House of Representatives says the House will work towards the development of domestic capacities and capabilities in the value chain of some critical sectors like ICT, mining, power, maritime, manufacturing, health and agriculture in the Nigerian economy.
Tajudeen Abbas said this would be achieved through strategic investments in education, skills transfer, expertise development, transfer of technology know-how and active research development programmes.
The Speaker made the proclamation during the public hearing on two bills namely: ‘Nigerian Content (Non-Oil and Gas Sector) Development (Establishment) bill and Nigerian Oil and Gas Industry Content Bill.
Fundamental defects
He said the proposed amendment to the Nigerian Oil and Gas Industry Act, 2010, would address fundamental defects in the Act such as that of some critical provisions of the Act that were so vaguely worded with wide discretionary administrative powers, especially on waivers, which has the propensity to aid abuse of power.
Abass also noted that the non-oil and gas (establishment) Bill seeks to “ensure the diversification of Nigerian economy through the application of Nigerian Content principles to transactions in the non-oil and gas sector.
Provisions of the bill
He stressed that Bill which seeks to repeal the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, provides a “comprehensive and all-inclusive provisions for Nigerian Content Development in the oil and gas sector of the Nigerian economy. The provisions of the bill are to be applicable to only the oil and gas sector of the Nigerian economy.”
“This Bill therefore seeks to repeal the Nigerian Oil and Gas Industry Act, No. 2, 2010, and enact the Nigerian Oil and Gas Industry Act. The Act has been implemented for 13 years but an objective examination of its provisions will show that there are very fundamental defects in the Act such that some critical provisions of the Act are so vaguely worded with wide discretionary administrative powers, especially on waivers, which has the propensity to aid abuse of power.”
“Another fundamental defect in the extant Act is that the Nigerian Oil and Gas Industry Content Development Act 2010 is bereft of any provision for strong oversight, thereby giving a free hand to whoever cares.
“The establishment and running of the Board will not be expected to place any financial burden on the Federal Government, the government will derive revenue from the creation of the Board in addition to improving Nigeria’s capacities in the oil and gas sector.”
He said if the bill is being passed into law, Nigeria will benefit in terms of improved employment opportunities, international competitiveness of Nigerian businesses, increase in-skill transfer among others.
Lateefah Ibrahim
