Reps okay local content bill

THE House of Representatives on Thursday, 22nd October passed the local content bill aimed at increasing the participation of indigenous oil firms in the oil and gas sector.
Meanwhile, the African Union’s (AU) Commissioner for Social Affairs, Mrs. Bience Gawanas, has called on African leaders to step up efforts at mobilising local resources for social development given the prevailing global economic downturn limiting the quantum of money invested in development projects in the continent by foreign donors.
Highlights of the bill passed at the Committee of Whole showed that Nigerian independent operators in the industry “shall be given first consideration in the award of oil blocks, oil field licences, oil lifting licences and shipping services, and all projects for which contracts to be awarded in the Nigerian oil and gas industry; subject to the fulfillment of such conditions as may be specified by the minister, and there shall be exclusive consideration for Nigerian indigenous service.”

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