EconomyHeadlines

FG announces fresh regulations for local content development

0
Chinazor Megbolu

The Federal Government has announced and approved ministerial regulations that would be needed to usher in the development of Nigerian content.

The regulations was disclosed in a statement issued on Friday by Nigerian Content Development and Monitoring Board (NCDMB).
The statement showed that the guidelines are; Research & Development; Training, Capacity Development; Growth of Indigenous Capacity and Nigerian Oil and Gas Industry Enforcement and Compliance Regulation.
The rest includes; Registration of Operators and other Professionals with Nigerian Professional Bodies, and Technology Transfer and Establishment of operations in Nigeria.
The Executive Secretary, NCDMB, Engr. Simbi Wabote, said that the regulations have been gazetted, making them subsidiary legislations that can be implemented by the NCDMB Board.
According to the him; “Sections 36, 40, 41, 42, 47, 55 and 101 of the NOGICD Act empowers the Minister of Petroleum Resources to make regulations that will foster the development of Nigerian Content.
“The Board held several engagements with diverse spectrum of the oil and gas industry stakeholders before finalising the regulations and transmitting it to the Minister for ratification. They became effective on 2nd April 2021”.
Wabote noted that the guidelines is released to ensure compliance with the NOGICD Act and other Regulations and give effect to Section 68 of the Act in ensuring efficient and accountable promotion of local content in the diverse sectors of the Oil and Gas Industry in the country.
He explained that the regulations had divided offences punishable under Section 68 of the Act into two categories.
The first category, Wabote said is an offence, which can lead to criminal prosecution while the other offence would be treated with administrative sanctions.
“As we journey towards the 70 per cent Nigerian Content level target, we will continue to utilise industry platforms to connect with our stakeholders to provide clarity on our mandate and ways to address any constraints of the industry.
“In our pursuit of Nigerian Content, the Board will continue implementation of the ten year strategic roadmap; foster relevant collaboration and strategic alliances with relevant stakeholders including sister agencies; deepen Nigerian content in the oil and gas industry and continue to advocate and support domiciliation of value-addition in country,” Wabote said.

© 2021, maritimemag. All rights reserved.

FG rules out petrol price increase in June

Previous article

Nigerian Navy cancels 65th anniversary celebration over Attahiru, others death

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Economy