President of the Senate, Dr. Ahmad Lawan, has said for Nigeria to experience exponential growth in the economy, efforts must be made to strengthen local capacities, particularly against the backdrop of realities that were fallouts of the COVID-19 pandemic.Lawan made this known yesterday at the virtual opening of the Nigerian Content Summit jointly organised by the Senate Committee on Local Content and House of Representatives Committees on Content Development and Monitoring. He said the summit, which was the first of its kind as a pre-public hearing stakeholders’ engagement, sought to stimulate understanding on the short and long term implications of relevant bills before the two houses.
He said: “The bills, including the Nigeria Oil and Gas Industry Content Development Act 2010 (Amendment) Bill, 2020 (SB.417), Nigerian Local Content Enforcement Bill, 2020 (SB. 419), and the Nigerian Oil and Gas Industry Content Act, 2020 (Repeal and Re-enactment) Bill 2020 (SB. 420), were obviously tincrease composite value addition.
“This value addition expectedly developed from within, with the aid of local services and resources in the petroleum industry, should contribute to local capacity building, with considerations for the elements of health, safety and quality.”
“We need to also appreciate that our social and economic conditions need continuous reviews for development, with a good quantum of home-grown fundamentals, and especially considering the new realities, brought by the COVID-19 pandemic. “The pandemic reminds us of the need for resource independence, the strengthening of local capacity, and the importance of increasing indigenous variables in the oil and gas production, and in other areas.”