Bill Sponsor: Sen. Ekpenyong Asuquo (Cross River South). Bill Progress: First Reading.
The Nigerian Content (Non-oil & Gas Sector) Development (Establishment) Bill 2025, designated as SB. 897, aims to enhance local content and capabilities across sectors beyond oil and gas, marking a strategic expansion of existing guidelines.
The primary purpose of this bill is to extend the principles outlined in the Nigerian Oil and Gas Industry Content Development (NOGICD) Act to other sectors of the economy. Enacted in 2010, the NOGICD Act emphasizes the importance of prioritizing Nigerian companies, goods, and labor in the oil and gas industry. The Act is designed to promote local participation and foster economic development by encouraging the use of indigenous resources and capabilities.
By proposing a similar framework for non-oil and gas sectors, the new bill aims to stimulate local content development across various industries, potentially transforming the economic landscape of Nigeria. The intent is to empower local businesses, create job opportunities, and enhance the overall capacity of indigenous companies in sectors such as manufacturing, construction, and technology.
This legislation reflects a broader commitment to economic diversification, particularly as Nigeria seeks to reduce its reliance on oil revenue. Expanding the principles of the NOGICD Act to other sectors can help in building a more resilient economy, where multiple industries can thrive and contribute to national growth.
Stakeholders in various sectors of the economy are likely to keep a close watch on its development. Should the bill pass, it could have far-reaching implications for local businesses and the overall economic framework of Nigeria, fostering an environment conducive to innovation and sustainable development.
