The House of Representatives on Thursday pledged its resolve towards strengthening existing legislation aimed at improving the exportation of Made-in-Nigeria products that would boost the country’s foreign exchange earnings.
Chairman, House Committee on Nigerian Content Development and Monitoring, Hon. Boma Godhead gave the assurance in Abuja, during the public hearing of two bills namely: ‘Nigerian Content (Non-Oil and Gas Sector) Development (Establishment) bill and Nigerian Oil and Gas Industry Content Bill.
Hon. Godhead averred that the proposed bills are undoubtedly extremely critical to the development and strengthening of Nigerian content in both the oil and gas, non-oil and gas sectors, especially in the growth of Nigerian industries, creation of massive employment opportunities for Nigerians, and export of surplus made–in–Nigeria products to earn foreign income and further strengthen the national currency.
According to her, the committee’s jurisdiction includes matters relating to local skill development; transfer of technology in the oil and gas industry; patronage of local manpower by any industry sited in Nigeria; designing policies that would ensure the patronage of local manufacturing industries by Nigerians; receiving an annual performance report of the Nigerian local content; oversight of the Nigerian Content Development and Monitoring Board; and consider the Annual budget estimates.
She said: “As you know and appreciate, lawmaking is one of the primary and constitutional mandates of the National Assembly. Hence, the event we are witnessing today is one of such routine legislative processes and practices. Bills are proposed to amend, repeal, or enact an existing Act or establish an entirely new law.
“In the circumstances of our present experiences in the implementation of Nigerian Content policies, it is obvious that there is a compelling need to repeal and enact the Nigerian Oil and Gas Industry Content Development Act (NOGICD), 2010, and also to establish structures, plans and programs for Nigerian Content development and monitoring in the non-oil and gas sector in the Nigerian economy to replicate and even surpass the successes achieved in the Nigerian Content development in the oil and gas sector, in the non-oil and gas sector of the economy.”
While soliciting the stakeholders’ contributions to the proposed legislation, she observed that the “provisions in these Bills are still mere suggestions until they are enacted as an Act of the National Assembly.
“The provisions are, therefore, not stone cast and unamendable. I assure you that the Committee is always ready to accept and adopt useful ideas to ensure equitable utilization of our resources to benefit all stakeholders in the various industries.”
In his keynote address, Speaker Tajudeen Abbas explained that the proposed amendment to the Nigerian Oil and Gas Industry Act, 2010, seeks to address very fundamental defects in the Act such that some critical provisions of the Act are so vaguely worded with wide discretionary administrative powers, especially on waivers, which has the propensity to aid abuse of power.
The Speaker who was represented by the Deputy Minority Whip, Hon. Ozodinobi George observed that the non-oil and gas (establishment) Bill seeks to “ensure the diversification of Nigerian economy through the application of Nigerian Content principles to transactions in the non-oil and gas sector.
“This involves the development of domestic capacities and capabilities in the value chain of some critical sectors like ICT, mining, power, maritime, manufacturing, health, agriculture etc., in the Nigerian economy through strategic investments, education, skills transfer, expertise development, transfer of technology know-how and active research development programmes.”
According to him, the Bill which seeks to repeal the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, provides a “comprehensive and all-inclusive provisions for Nigerian Content Development in the oil and gas sector of the Nigerian economy. The provisions of the bill are to be applicable to only the oil and gas sector of the Nigerian economy.
“This Bill therefore seeks to repeal the Nigerian Oil and Gas Industry Act, No. 2, 2010, and enact the Nigerian Oil and Gas Industry Act. The Act has been implemented for 13 years but an objective examination of its provisions will show that there are very fundamental defects in the Act such that some critical provisions of the Act are so vaguely worded with wide discretionary administrative powers, especially on waivers, which has the propensity to aid abuse of power.
“Another fundamental defect in the extant Act is that the Nigerian Oil and Gas Industry Content Development Act 2010 is bereft of any provision for strong oversight, thereby giving a free hand to whoever cares.
“The establishment and running of the Board will not be expected to place any financial burden on the Federal Government, the government will derive revenue from the creation of the Board in addition to improving Nigeria’s capacities in the oil and gas sector with the attendant employment opportunities for Nigerians, international competitiveness of Nigerian businesses, increased in-country spending, increased in-skill transfer among others. If these Bills are passed into law and implemented, Nigeria will benefit tremendously.”
According to him, some of the benefits among others will be achieved include the ultimate industrialisation of the Oil and Gas Industry with the attendant benefits from the implementation of the African Continental Free Trade Area (AFCFTA); achievement and maintenance of control over the economy developmental initiatives and activities in Nigeria; strengthening of the international competitiveness of Nigerian domestic businesses; saving foreign currency to increase the national foreign reserve.
Others include the creation of massive employment opportunities from the value chain of the input of supplier to selling of the products to the final consumers in the non-oil and oil and gas industry; Export of surplus petroleum products to earn foreign income and further strengthening the national currency; Increase in Foreign Direct Investment; Aggressive technological innovations through research and development programmes and transfer of technology; Greater in- country spend; and exports of technical skills to other countries.
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