Senator Teslim Folarin’s sponsored bill entitled, “A Bill for an Act to Enact the Nigerian Local Content to Provide for the Development, Regulation and Enforcement of Nigerian Content in all sectors of Nigerian Economy except in the Oil and Gas Sector and other matters related therewith, 2020” passed second reading at plenary earlier today.
Leading the debate to push through the Nigerian Local Content act, Folarin said that the proposed bill is seeking to consolidate on the gains made in implementing local content in the oil and gas industry pursuant to the enactment of the Nigerian Oil and Gas Industry Content Development Act 2020.
He said, the bill is meant to providing the legal framework for the implementation in other key sectors of the economy including power, ICT, construction and transport. According to him, the bill further provided the legal basis for the enforcement of Presidential Executive Order 003 and 005 on local content.
“The executive arm of government has recognised the importance of local content to its economic growth plan as clearly demonstrated by the signing of the executive order 003 and 005 of local content by the President in 2019,” adding that the objectives of the bill included addressing the low level of Nigerian Content in all contracting arrangements to be exhibited by all Federal Government Ministries, Departments and Agencies in all sectors of the economy.