Chairman of the Senate committee on Local Content, Senator Teslim Folarin, told newsmen at the weekend that the bill entitled "A bill for an Act to enact the Nigerian Local Content Act to provide for the Development, Regulation, and Enforcement of Nigerian content in all sectors of the Nigerian economy except in the oil and gas sector and other matters relating therewith, 2020 (SB.419)", sponsored by him, if passed into law would transform Nigeria into an industrialised nation before long.
According to him, the bill has been structured to introduce procedures that would achieve major gains in local content implementation in the oil and gas sector as well as other sectors of the economy.
Other provisions of the bill, he said, include the creation of local content development committee to be headed by the Vice President, who will drive the national policy direction on local content.
He added that the amendments being sought through the bill to the Nigerian Oil and Gas Industry Content Development Act 2010, will not have any financial implication on the government as the structures for its operations are already in place.
The bill, Senator further said is providing the legal framework for the implementation of local content policy in other key sectors of the nation's economy including Power, ICT, Construction, Transport, among others
He also said the bill further provides the legal basis for the enforcement of Presidential Executive Order (003; 005) on local content.
