The determination to enhance the exportation of Made-in-Nigeria products for the purpose of boosting the country’s foreign exchange earnings was highlighted by the House of Representatives on Thursday.
Boma Godhead, the Chairman of the House Committee on Nigerian Content Development and Monitoring, conveyed this commitment during a public hearing focused on two bills: ‘Nigerian Content (Non-Oil and Gas Sector) Development (Establishment) Bill and the Nigerian Oil and Gas Industry Content Bill.
Emphasizing the importance of these bills in advancing Nigerian content within both the oil and gas sectors as well as non-oil and gas sectors, the lawmaker stressed their role in promoting industrial growth within the country.
She pointed out that not only would the export of Nigerian products contribute to job creation, but it would also bolster the value of the nation’s currency.
Making reference to the legislative responsibility of the National Assembly, she stated, “The event we are observing today is part of the routine legislative processes and practices where bills are introduced to modify, revoke, or institute a law.”
She further added, “Given our current encounters with the implementation of Nigerian Content policies, it is evident that there is a pressing need to revise and establish the Nigerian Oil and Gas Industry Content Development Act 2010, and create frameworks, strategies, and initiatives for Nigerian content development and monitoring in the non-oil and gas sector to replicate and even exceed the achievements made in the Nigerian Content development within the oil and gas sector, as well as the non-oil and gas sector of the economy.”
Godhead noted that the contents of the two bills remain at the suggestion phase until they are formally enacted as National Assembly Acts.
In his keynote address, Speaker Abbas Tajudeen highlighted that the proposed amendment to the Nigerian Oil and Gas Industry Act, 2010 is aimed at addressing certain deficiencies within the Act, particularly focusing on provisions that are vaguely worded with broad discretionary administrative powers, especially related to waivers, which could potentially lead to power misuse.
Representing the Speaker, Deputy Minority Whip George Ozodinobi stated that the Non-oil and Gas (Establishment) Bill aims to “facilitate the diversification of the Nigerian economy through the application of Nigerian content principles to transactions within the non-oil and gas segment.”
Tajudeen added that this initiative involves enhancing Nigeria’s capabilities in significant areas like ICT, mining, power, maritime, manufacturing, health, and agriculture through investments in education, skill and knowledge transfer, technology sharing, and the promotion of research programs.