Local Content: Senate Committee to summon IOCs, agencies for economic diversification beyond crude oil
Oredola Adeola
The Natasha Akpoti-Uduaghan-led Senate Committee on Local Content is set to summon international oil companies and relevant government agencies to ensure they contribute significantly to the Nigerian economy beyond crude oil extraction and sales.
She made this known during the first interactive session with the leadership of the Nigerian Content Development and Monitoring Board (NCDMB) at the Senate Building at Abuja on Wednesday.
According to a statement released by NCDMB on Friday, the first interactive session between the Senate Committee and the Board was aimed at collaborating and deepening the implementation of local content in the oil and gas industry and linkage sectors.
Senator Natasha Akpoti-Uduaghan, who moderated the meeting, criticised the international oil companies (IOCs) in Nigeria for not investing in the petrochemical sub-sector and other associated manufacturing activities, whereas IOCs in other oil producing jurisdictions make such investments and contribute significantly to those economies.
She therefore announced intention of the committee to invite the IOCs and other relevant agencies of Government, to compel them to create tangible value in the Nigerian economy beyond the extraction and sale of crude oil.
Senator Akpoti-Uduaghan said: “We need to get them around the table and tell them what we want as a country as against watching them export crude oil only.”
She therefore assured NCDMB that the committee would not antagonize the Board and other entities under its supervision but would collaborate towards effective implementation of the Board’s mandate for the benefit of Nigerians.
The Senator further expressed concern over the parlous state of the economy, particularly the alarming level of unemployment which has fuelled an increase in criminality. She emphasised the need to deepen the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD Act, to create employment opportunities from the activities in the oil industry and catalyse other sectors of the economy.
She therefore requested the Board to submits performance reports on the implementation of the NOGICD Act, specifically on the Board’s third-party investments, capacity building programmes, expatriate quota management and research and development.
The Senate Committee Chairman also requested the Board to recommend sections of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act that needed to be amended by the National Assembly.
The Committee expressed concerns over the status of the Nigerian Content Development Fund (NCDF) and the performance of the Nigerian Content Intervention Fund (NCI Fund).
Local Content: Senate Committee to summon IOCs, agencies for economic diversification beyond crude oil
Oredola Adeola
The Natasha Akpoti-Uduaghan-led Senate Committee on Local Content is set to summon international oil companies and relevant government agencies to ensure they contribute significantly to the Nigerian economy beyond crude oil extraction and sales.
She made this known during the first interactive session with the leadership of the Nigerian Content Development and Monitoring Board (NCDMB) at the Senate Building at Abuja on Wednesday.
According to a statement released by NCDMB on Friday, the first interactive session between the Senate Committee and the Board was aimed at collaborating and deepening the implementation of local content in the oil and gas industry and linkage sectors.
Senator Natasha Akpoti-Uduaghan, who moderated the meeting, criticised the international oil companies (IOCs) in Nigeria for not investing in the petrochemical sub-sector and other associated manufacturing activities, whereas IOCs in other oil producing jurisdictions make such investments and contribute significantly to those economies.
She therefore announced intention of the committee to invite the IOCs and other relevant agencies of Government, to compel them to create tangible value in the Nigerian economy beyond the extraction and sale of crude oil.
Senator Akpoti-Uduaghan said: “We need to get them around the table and tell them what we want as a country as against watching them export crude oil only.”
She therefore assured NCDMB that the committee would not antagonize the Board and other entities under its supervision but would collaborate towards effective implementation of the Board’s mandate for the benefit of Nigerians.
The Senator further expressed concern over the parlous state of the economy, particularly the alarming level of unemployment which has fuelled an increase in criminality. She emphasised the need to deepen the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD Act, to create employment opportunities from the activities in the oil industry and catalyse other sectors of the economy.
She therefore requested the Board to submits performance reports on the implementation of the NOGICD Act, specifically on the Board’s third-party investments, capacity building programmes, expatriate quota management and research and development.
The Senate Committee Chairman also requested the Board to recommend sections of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act that needed to be amended by the National Assembly.
The Committee expressed concerns over the status of the Nigerian Content Development Fund (NCDF) and the performance of the Nigerian Content Intervention Fund (NCI Fund).
Local Content: Senate Committee to summon IOCs, agencies for economic diversification beyond crude oil
Oredola Adeola
The Natasha Akpoti-Uduaghan-led Senate Committee on Local Content is set to summon international oil companies and relevant government agencies to ensure they contribute significantly to the Nigerian economy beyond crude oil extraction and sales.
She made this known during the first interactive session with the leadership of the Nigerian Content Development and Monitoring Board (NCDMB) at the Senate Building at Abuja on Wednesday.
According to a statement released by NCDMB on Friday, the first interactive session between the Senate Committee and the Board was aimed at collaborating and deepening the implementation of local content in the oil and gas industry and linkage sectors.
Senator Natasha Akpoti-Uduaghan, who moderated the meeting, criticised the international oil companies (IOCs) in Nigeria for not investing in the petrochemical sub-sector and other associated manufacturing activities, whereas IOCs in other oil producing jurisdictions make such investments and contribute significantly to those economies.
She therefore announced intention of the committee to invite the IOCs and other relevant agencies of Government, to compel them to create tangible value in the Nigerian economy beyond the extraction and sale of crude oil.
Senator Akpoti-Uduaghan said: “We need to get them around the table and tell them what we want as a country as against watching them export crude oil only.”
She therefore assured NCDMB that the committee would not antagonize the Board and other entities under its supervision but would collaborate towards effective implementation of the Board’s mandate for the benefit of Nigerians.
The Senator further expressed concern over the parlous state of the economy, particularly the alarming level of unemployment which has fuelled an increase in criminality. She emphasised the need to deepen the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD Act, to create employment opportunities from the activities in the oil industry and catalyse other sectors of the economy.
She therefore requested the Board to submits performance reports on the implementation of the NOGICD Act, specifically on the Board’s third-party investments, capacity building programmes, expatriate quota management and research and development.
The Senate Committee Chairman also requested the Board to recommend sections of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act that needed to be amended by the National Assembly.
The Committee expressed concerns over the status of the Nigerian Content Development Fund (NCDF) and the performance of the Nigerian Content Intervention Fund (NCI Fund).