On April 22, 2010, the much expected law for Nigeria Content Development in oil and gas sector was enacted and by its application, other policies on content development were accommodated under its ambit. The summary of the law are as follows:
- The spirit of the law is to ensure that Nigeria Content is management philosophy for project execution; and that indigenous firms get first consideration in all operations and contracts.
- The law allows for promotion of measurable growth of Nigeria Content and ensures submission of Nigeria content plan for all projects.
- It makes for first consideration from Nigerian goods and services and consideration for Nigerian content in bid evaluation.
- First consideration of Nigerians for employment and training. It takes for submission of employment and training plan.
- There is succession plan and Nigerianisation for indigenes to take over from foreigners over time; description of allowance for expatriates positions and fixing of wages for indigenes.
- These are research and development regulations. Programme for Research and Development; submission and content plan.
- Establishment of petroleum e-market place, JQS and NCCF.
Petroleum Technology Association of Nigeria – PETAN
Education & Training – OGTAN
Fabrication – TBA
Financial Services, Legal & Insurance – NBA-SBL
Shipping & Logistics – NCS (Nigerian Chamber of Shipping)
Materials & manufacturing – MANLOC
Information, Communication Technology- TBA
Engineering - OGDEN
- There are regulations for registration with Nigerian professional bodies; programme for technology transfer plan; submission of technology transfer plan; support of technology transfer.
- Fiscal incentives; patronage for local insurance and reinsurance business. National Insurance Commision approval for offshore insurance.
- Use of local legal services; financial services. Establishment of Nigeria Content Development Fund.
- Prohibition of importation of welded products.
- Support for implementation of Coastal and Inland Shipping (Carbotage) Act No. 5 2003