Hon Idagbo giving the background of the Nigerian Local Content Development and Enforcement Bill (the Bill) which is sponsored by Rep. Femi Gbajabiamila, himself (Idagbo) and seven other members of the House of Representatives explained why the nation at this trying time needs this Bill passed into law said is a remarkable legislative draft that seeks to expand the scope of local content in the NOGICD Act thereby putting the Nigerian economy in the hands of Nigerians, creating jobs and enhancing the value of indigenous businesses post COVID-19.
He further stated that so far, the key local content law in Nigeria is the landmark Nigerian Oil and Gas Industry Content Development Act 2010 (NOGICDA) which was enacted 10 years ago, establishing the Nigerian Content Development and Monitoring Board (NCDMB) and institutionalizing the concept of local content in the Nigerian oil sector.
"So far, the key local content law in Nigeria is the landmark Nigerian Oil and Gas Industry Content Development Act 2010(NOGICDA) which was enacted 10 years ago, establishing the Nigerian Content Development and Monitoring Board (NCDMB) and institutionalizing the concept of local content in the Nigerian oil sector.
"Recognizing the need to strengthen indigenous businesses, President Muhammadu Buhari attempted to extend local content policy beyond the petroleum industry to other critical sectors through his Executive Order 003 entitled "Support for Local Content in Public Procurement by the Federal Government" and Executive Order 005 entitled "Presidential Executive Order for Planning and Execution of Projects, Promotion of Nigerian Content in Contracts and Science, Engineering and Technology".
"Therefore, as we celebrate the Africa Day (May 25), commemorating Africa's independence, liberation and socioeconomic freedom from foreign dominion and exploitation, and in the light of the current COVID-19 induced global economic outlook which has forced countries to look inwards for economic growth and sustainability, it has become imperative to give local content policy the full force of law, extending it beyond the Petroleum Industry to other critical sectors like, ICT, Manufacturing, Agriculture, Power, Solid Minerals, Construction, Health, etc."
Interestingly, the Nigerian Local Content Development and Enforcement Bill 2020 has key provisions and expected socio-economic benefits include:
Promotion of local manufacturing and economic diversification with a focus on ICT, Agriculture, solid minerals, hydrocarbon refining, power, and manufacturing:
Provision for incentives to encourage local processing of hydrocarbon resources, the export of processed mineral & agricultural commodities, local manufacturing of equipment, machinery, spares, chemicals, ICT hardware, development of software, etc.
