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Senate to complete L/Content Act amendment before end of session

THE Senate has assured that it will completely carry out a holistic amendment of the Nigerian Oil and Gas Industry Content Development, NOGICD Act of 2010 before the end of the eighth legislative session. It also said that the Act requires amendment especially against the backdrop that all principal players in the Nigerian economy and foreign investors do not want local content.

Saraki
Saraki

According to the Senate, it will in the next two weeks commence the amendment process, as it plans to put in place an action plan that would set out the modalities and the modus operandi needed to achieve the amendment of the current act as passed by the National Assembly. The Act establishes the Nigerian Content Development and Monitoring Board,  NCDMB as the sole agency of the Federal Government that is responsible for driving Nigerian Content in the oil and gas industry.

Disclosing this in Accra, Ghana at the close of a 3- day Stakeholders’ Sensitization Programme on developing Legislators’ Understanding of NCDMB’s mandate and the Oil and Gas Industry, Chairman, Senate Committee on Local Content, Senator Solomon Adeola, APC, Lagos West said that it has become imperative to review and possibly amend the relevant acts governing the oil and gas industry as that will help move the industry forward. According to him, such acts include  Petroleum Industry Governance Bill, Deep Offshore and Inland basin Production Sharing Contract Act and NOGICD Act of 2010.


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