The Senate on Tuesday passed for second reading the Nigerian Oil and Gas Industry Content Development Bill 2020.
The red chamber said the amendments to the Nigerian Oil and Gas Industry Content Development Act 2010 would boost local content and strengthen the nation’s economy.
He said, “Before this Act came into force in 2019, over 90 per cent of the $20bn spent yearly in the Nigerian oil and gas industry was repatriated abroad. He however said with the enactment of the Act and the establishment of the Nigerian Content Development and Monitoring Board, Nigerians had also developed the capacity to carry out a lot of onshore upstream activities.
“The implementation of the Nigerian Content Fund by the Board has also facilitated the provision of capital and financial support to several indigenous companies.”
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