The Senate has revealed that its new bill on local content if passed into law would transform Nigeria and make it a major industrialised nation.
Chairman of the Senate Committee on Local Content, Teslim Folarin, in a chat with newsmen in Abuja at the weekend, said his bill was 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.
The former Senate Leader said the proposed “law recognises the fact that government has been overstretched with too many agencies and therefore sought to rely on existing structures of government to implement local content.”
Folarin said the bill “provides provision for local content development committee to be headed by the Vice President, who will drive policy direction on local content.”
“The bill gives Ministers who are responsible for implementing government policies in their sectors, additional responsibility for ensuring local content is achieved in all their transactions.”
The senator further revealed that the Public Procurement Policy would be relied upon to make local content compliance, a requirement for granting of Certificate of No Objection to procuring entities.
He said: “Each sector will be required to set local content targets in its procurement of goods, services and manpower and this will be well reflected in procurement planning, advertisement, bid evaluation and vendor selection.
“Approvals for award of contracts by the Federal Executive Council will upon enactment of the Bill require a Nigerian Content Compliance Certificate.”