Posted By: | November 27, 2020 |

Tax Implications Of The Nigerian Oil And Gas Industry Content Development Act 2010

The above legislation, hereinafter referred to as “the Local Content Act (LCA)”, came into force on 22 April 2010 following assent by President Jonathan. Efforts to enact LC legislation has been on since the early 2000s; ‘Nigerianisation’ provisions in the Petroleum Act, JOAs and PSCs, as well as previous LC initiatives which assumed greater fillip with the return to civil rule in 1999, have obviously not achieved the desired effect. Understandably, the enactment of the LCA was popularly regarded as a welcome development in the nation’s quest to optimize value from its oil and gas industry and a (singular) high watermark of the 2011 class of the National Assembly. LC status checks on the energy sector of countries like Brazil, Indonesia, Malaysia, Norway shows that Nigeria is lagging behind in this value optimization objective. However, it is better late than never.

Read More

Related Articles

Add A Comment

Full Name: *
Email Address: *
Your Comment: *
Please add up this figures.