The Federal Government on Friday rolled new sets of approved ministerial regulations that would be needed to foster the development of Nigerian Content.
The regulations are contained in a press statement issued on Friday by Nigerian Content Development and Monitoring Board (NCDMB).
The guidelines according to the statement includes; Research & Development; Training, Capacity Development; Growth of Indigenous Capacity and Nigerian Oil and Gas Industry Enforcement and Compliance Regulation.
Others include Registration of Operators and other Professionals with Nigerian Professional Bodies, andTechnology Transfer and Establishment of operations in Nigeria.
The Executive Secretary of the NCDMB, Engr. Simbi Kesiye Wabote, while commenting on the regulations said they have been gazetted, making them subsidiary legislations that can be implemented by Board
It stated, “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 finalizing the regulations and transmitting it to the Minister for ratification. They became effective on 2nd April 2021.”
Providing further details on the Nigerian Oil and Industry Content Development Compliance and Enforcement Regulation, the Executive Secretary explained that it was intended 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 Nigeria
He stated that the regulations had divided offences punishable under Section 68 of the Act into two categories.
The first category is offence which can lead to criminal prosecution while the other offence would be treated with administrative sanctions.
He added, “As we journey towards the 70 per cent Nigerian Content level target, we will continue to utilize 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,” he said.