Posted By: | December 08, 2020 |

Multi-sectoral Local Content Development in Nigeria: Sailing Through Stormy Waters? (Part I – Oil & Gas and Cabotage)

Increasing globalisation has made it even more imperative for countries to ‘validly’ protect their economies through strategic initiatives including promoting local content (LC) and import substitution. In Nigeria, various attempts to restrict foreign/promote indigenous participation in the economy manifested in the indigenization policy and legislation of the late 1970s up to recent policy actions. However, since the mid-1990s, Nigeria liberalised her investment environment by enacting laws repealing the indigenisation laws, and strict exchange control regime as well as enacting the Nigerian Investment Promotion Commission (NIPC) Act, Cap. N117 LFN, 2004 which generally allows foreign participation in any Nigerian enterprise. However, to achieve incremental fulfilment of its social obligations, especially creation of opportunities for Nigerians - it is essential that government put in place machineries to implement a holistic LC agenda.

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