Oluchi Chibuzor and Ezekiel Okpuzor
The federal government has been advised to consider reviewing the Nigerian Oil and Gas Content Act.
This is expected to enable compliance in other to reflect the current realities of challenges hindering players in the sector.
The Oil and Gas Leader, Temitope Samagbeyi, Ernst &Young (EY), disclosed this at a roundtable breakfast session on the Nigerian Content Development Act organised by EY with the theme: “The Challenges of complying with the Nigerian Content Requirements and Suggested Solutions,” in Lagos.
He said the event was organised as part of the firm’s corporate social responsibility and to drive the conversation around the issue.
According to him, “Everybody is interested in compliance, which the session we had today has helped to clear some of the doubts in relation to the Act, as we can see a lot of the operator complained about the one percent local content fee been deducted.
“But as it stands now nothing has been done so far, it is good that we are having this session, at our subsequent interaction we want to drive that home better, so that regulators can go back to the legislature and help update the laws in terms of definition and awareness creation.”
On his part, the Director, Monitoring and Evaluation, Nigerian Content Development Board and Monitoring Board NCDMB, Mr. Akintude Adelana, was of the opinion that every company should ensure compliance to help close the skilled gaps hindering the development of the sector in relation to Nigerian local content policy.
“There is always challenges when it comes to compliance, because first and foremost it is not as easy for people to comply to