SENATE SEEKS EXPANSION OF LOCAL CONTENT ACT BEYOND OIL AND GAS

The newly created Senate Committee on Local Content will seek the amendment of the Nigerian Local Content Act 2010 to makes it applicability broader than the present focus on the oil and gas sector in the overall interest of Nigerians.

Making this known over the weekend at the inaugural meeting of members of the Committee, its chairman, Senator Solomon Adeola (APC, Lagos West) told his members that expansion of the scope of the Act as well as its effective implementation into areas like construction, manufacturing and other productive sectors increasingly dominated by foreigners will not only create job opportunities for our teeming youth and unemployed graduates but also spur the diversification of the economy.

“Already I am aware that the House of Representatives has passed an amendment bill in the area of construction and forwarded same to the Senate for concurrence. This gives us an opportunity to further deepen the applicability of the laws to other productive sectors in line with Senate President, Senator Bukola Saraki championing of “Made in Nigeria Goods” in all our procurement process commencing from the 2017 Budget. We will work with relevant committees of the National Assembly and other stakeholders to ensure that the share of Nigerian Content in every facet of productive sectors is enhanced” he stated.

Senator Adeola stated that the objective of the Act to position our people to benefit from our oil wealth, reduce capital flight and ensure some degree of self-reliance in oil and gas sector is equally applicable to other sectors with domination by foreigners like Philipinos, Indians and Chinese adding that enforcement of the law and its proposed amendments will create employment for Nigerians especially those resident in the operator’s area of operation.

The vice chairman of the Committee, Senator Godswill Akpabio promised to provide his experience as a former governor of an oil producing state adding that there is need for Nigerians to take their rightful place in the running and management of crucial sectors of the economy to address capital flight, create employment and enhance skills acquisition and technology transfer.

Other members of the 16 -member Committee that will soon be officially inaugurated by the Senate President  are Senators Kabir Marafa, Bassey Akpan, Stella Oduah, Biodun Olujimi, Baba Kaka Garbai, Binta Garba Masi, Ali Wakili, Dino Melaye, Abdulfatai Buhari, Rafiu Adebayo, Andrew Uchendu, Joseph Ogba, Aliyu Sabi and Donald Alasoadura.