News

July 10, 2024

NSE calls for promotion of local content laws in oil, gas

NSE calls for promotion of local content laws in oil, gas

By Ebunoluwa Sessou

The President of the Nigerian Society of Engineers, NSE, Engr. Margaret Oguntala, FNSE, has called for renewed efforts to strengthen local content policies in the oil and gas industry.

Oguntala has also tasked the government to take steps to secure oil and gas-producing areas in order to combat the activities of vandals and hoodlums disrupting oil exploitation activities.

Speaking at the National Assembly Stakeholders Engagement organized by the National Association of Petroleum Explorationists, NAPE, Oguntala emphasized the need for increased participation of Nigerian engineers, technologists, and contractors in the industry which would build local capacity, create jobs, stimulate economic growth, and reduce the country’s dependency on foreign expertise, thereby retaining more value within the economy.

With the theme, “Deepening Collaborations between the Oil and Gas Industry and the National Assembly,” Oguntala commended NAPE and the National Assembly for their efforts in strengthening local content laws governing the oil and gas industry.

Promoting local content in the oil and gas industry would bring about robust fiscal policy, instrument benefit increased oil production, reduced petroleum products import, net petroleum product exporter shift to gas from oil among others.

“It is important to note that, local content regulations in the oil and industry bring about engineering development in Nigeria.