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Nigerian Local Content Policy To Be Sustained By Contractors

  1. Posted on Tuesday 8 June 2010 - 12:43
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    One percentage of the total contract sum awarded to every contractor to execute any business in the oil sector in the country will be deducted and set aside to fund the smooth implementation of the local content policy.

    The local content law was recently signed by the president. Its focus is to open up the oil industry so that indigenous entrepreneurs can participate actively in the sector and stem the huge importation regime that is prevalent in the sector.

    The Executive Secretary, the local content Board set up in 2010, Mr. Ernest Nwapa who made the revelation at the Ogu-Onne free zone when he addressed some stakeholders at the commissioning of a facility built by a local fabrication firm in the area said the one per cent deductible sum will be ploughed into Nigeria content development fund to enforce the policy. The fund will be used to help Nigerian take up major roles in the sector.

    He said though the local content is experiencing some challenge, it had boldened local industry and fabrication of vessels and other equipment used in the sector by local engineers. He said gradually the era of huge capital flight owing to the fact that most of the services offered in the sector were provided by foreign companies or personnel resident outside the country was gone and technology is transferred with local players as the great benefactors.

    Mr. Nwapa decried that Nigerian is yet to take advantage of the law is opened to all players with aimed at 70% local participation, companies invited to inspect the coastlines to build a compact shipyard, local people involved in equipment manufacturing, and fabrications and as a board we are building capacity. This will empower the people, as more jobs will be created as done in other countries.

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