Ernst & Young (EY) Nigeria is poised to seek urgent panacea to many challenges faced by players in the oil & gas space while complying with the Nigerian Content requirements as contained in the Nigerian Oil & Gas Industry Content Development (NOGICD) Act. To this end, the professional services firm is organising a roundtable breakfast session in Lagos this Thursday. The event, tagged “The challenges of complying with the Nigerian Content requirement and suggested solutions,” would bring together industry experts and stakeholders as a veritable platform for robust discussions on the compliance requirements of NOGICD Act with suggestions on strategies towards achieving full compliance by relevant companies.
Speaking on the rationale behind the Roundtable session, Temitope Samagbeyi, Partner and Head, Business Tax Services and Oil & Gas Sector leader (EY), said the event would be to complement the efforts of the NCDMB in expounding on the relevant sections of NOGICD Act as it pertains to the oil and gas sector of the Nigerian economy.
In his view, the NCDMB has made decent improvement in the Nigerian content within the Oil & Gas sector. In 2018, the NCDMB rolled out a 10-year strategic roadmap, which was designed to grow the aggregate Nigerian content in the sector to about 70% (this is about 26% in 2018) by Q4 2027; generate 300,000 jobs within the sector and retain $14 billion (this is $5 billion as at 2018) in-country from the sector’s annual spend.
Continuing, Samagbeyi disclosed that breakfast session has so many objectives which includes but not limited to highlighting the challenges currently being faced while complying with the Nigerian Content requirements as contained in NOGICD Act; discussing the implications of the 10-year strategic roadmap being embarked upon by the NCDMB and how companies can take advantage of the opportunities that abound, as well as use this avenue to further sensitize the companies on the current compliance drive by the NCDMB on the deduction and remittance of the Nigerian Content Development levy.