Nigerian oil and gas industry content development act 2010 pdf

Posted on Tuesday, May 4, 2021 3:06:47 AM Posted by Katherine H. - 04.05.2021 and pdf, and pdf 5 Comments

nigerian oil and gas industry content development act 2010 pdf

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Published: 04.05.2021

In , to further strengthen the quality of reporting, UNCTAD revised the methodology of monitoring investment policy measures. The Investment Policy Monitor provides the international investment community with country-specific, up-to-date information about the latest developments in foreign investment policies. Through its monitoring of investment policy changes, UNCTAD offers cutting-edge and innovative contributions to investment policy discourse, and contributes to preparing the ground for future policymaking in the interest of making foreign investment work for growth and development.

Global Trade Alert

Awe, S. The drive of Nigerian government to boost economic activities through local capacity utilisation, human capital development and empowerment of indigenous companies resulted in the implementation of Nigerian content development in the oil and gas industry which was previously exclusive to the multinationals. The Nigeria Oil and Gas Industry Content Development Act of provides the legal framework to facilitate and promote mandatory participation of companies owned by Nigerians in the high-risk and high-cost petroleum industry. Prior to the enactment of the act, insignificant number of Nigerian companies had the financial strength and technical know-how required to be competitive in the petroleum sector compared with the well established multinational operating and service companies. These factors made compliance with the requirements of the act a daunting challenge for the sector.

The Bill was submitted to the House of Representatives on 18 December for its first reading and has made slow legislative progress since and which seems likely to slow further as the Government tackles the effects of Covid and the oil price crash.. The Act established a legal framework for the development of local content requirements in the oil and gas sector in Nigeria. The Bill has two main new functions: 1 it broadens the existing local content requirements for the oil and gas sector; and 2 it implements a similar regime for the ICT, power, solid minerals and construction sectors. Among other things, the Board is responsible for evaluating and approving Nigerian content plans and reports submitted by operators and, in conjunction with the Minister of Petroleum, making regulations establishing minimum standards. Penalties : penalties for non-compliance now include five years imprisonment in addition to a fine of fifteen per cent of the project sum. From the draft of the Bill we have seen, there are some important changes from the Act including the end of charging of the content development levy and the Board is to instead receive funding from the Government however the power and solid mineral industries will face content levies. The requirement to retain a minimum 10 per cent of revenues from Nigerian operations in a Nigerian bank account has been maintained in the Bill.

The Act has been instrumental to the promotion of the development and utilization of indigenous capacities in Nigeria, and we expect that the progress made will be consolidated for greater impact in the years to come. The Bill seeks to, among others, extend the application of the local content principles and philosophy to the following key sectors of the economy - Information and Communications Technology, Power, Solid Minerals, and Construction. We are reviewing the Bill and will issue a detailed newsletter on it in due course. In the interim, it is important that the industries that may be impacted by the new legislation closely follow this development. Click to download and read more on this update. All rights reserved. Request for proposal.

Nigeria considers changes to Nigerian content requirements in the oil and gas sector

Local sourcing. The new law seeks to increase indigenous participation in the oil and gas industry by prescribing minimum thresholds for the use of local services and materials and to promote the employment of Nigerian staff in the industry. The Local Content Act derives from the Nigerian Content Policy which seeks to promote active participation of Nigerians in the petroleum sector without compromising standards. The policy also focuses on the promotion of value addition in Nigeria through the utilization of local raw materials, products, and services in order to stimulate growth of indigenous capacity. All regulatory authorities, operators, contractors, subcontractors, alliance partners and other entities involved in any project, operation, activity or transaction in the Nigerian oil and gas industry are required to consider Nigerian content as an important element of their projects. Nigerian independent operators shall be given priority in the award of oil blocks, oil field and oil lifting licenses as well as in all projects for which contracts are to be awarded in the Nigerian petroleum industry subject to the fulfilment of conditions specified by the Minister of Petroleum Resources. The following provisions are stipulated in the act:.

The Bill was submitted to the House of Representatives on 18 December for its first reading and has made slow legislative progress since and which seems likely to slow further as the Government tackles the effects of Covid and the oil price crash.. The Act established a legal framework for the development of local content requirements in the oil and gas sector in Nigeria. The Bill has two main new functions: 1 it broadens the existing local content requirements for the oil and gas sector; and 2 it implements a similar regime for the ICT, power, solid minerals and construction sectors. Among other things, the Board is responsible for evaluating and approving Nigerian content plans and reports submitted by operators and, in conjunction with the Minister of Petroleum, making regulations establishing minimum standards. Penalties : penalties for non-compliance now include five years imprisonment in addition to a fine of fifteen per cent of the project sum. From the draft of the Bill we have seen, there are some important changes from the Act including the end of charging of the content development levy and the Board is to instead receive funding from the Government however the power and solid mineral industries will face content levies.


The Nigerian Oil and Gas Industry Content. Development Act (“the Act”) is designed to enhance the level of participation of Nigerians and Nigerian companies in.


Global Trade Alert

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Беккер позвонил одному из своих коллег: - Тебе что-нибудь известно об Агентстве национальной безопасности. Это был не первый его звонок, но ответ оставался неизменным: - Ты имеешь в виду Совет национальной безопасности. Беккер еще раз просмотрел сообщение. - Нет.

Nigerian Local Content Update

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Она не обратила внимания на его просьбу. - Сядь.  - На этот раз это прозвучало как приказ. Сьюзан осталась стоять.


NIGERIAN OIL AND GAS INDUSTRY CONTENT DEVELOPMENT BILL, EXPLANATORY MEMORANDUM. This Act provides for the development of.


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