The bill seeks to amend the Nigerian Oil and Gas Industry Content Development Act by expanding its scope to capture changes in the industry. The bill proposes to:
- Create a Nigerian Content Council to be headed by the Vice-President;
- Deduct the sum of 2% from every contract awarded in Nigeria for the development of local content;
- Ensure that no expatriate is allowed to do a job in Nigeria that can be done by Nigerians and where there exists a gap, there must be modalities to bridge that gap by creating jobs;
- Building capacities of local companies not only to compete in Nigeria but also abroad; and
- Ensuring the patronage of made in Nigeria goods.
The bill went through second (2nd) reading at the House of Representatives and was subsequently referred to the Committee on Nigeria Content Development and Monitoring for further consideration.