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Forex: Reps promise to encourage export of Nigerian products - PUNCH
The House of Representatives on Thursday expressed its commitment to strengthen existing laws on improved exportation of Made-in-Nigeria goods to boost the nation’s foreign exchange earnings.
The Chairman, House Committee on Nigerian Content Development and Monitoring, Boma Godhead, gave the assurance at a public hearing of two bills, titled, ‘Nigerian Content (Non-Oil and Gas Sector) Development (Establishment) Bill and the Nigerian Oil and Gas Industry Content Bill.
The lawmaker noted that the bills are vital to the development and strengthening of Nigerian content in both the oil and gas and non-oil and gas sectors; particularly in the growth of the nation’s industries.
According to her, the exportation of made-in-Nigeria goods will not only boost job creation but also strengthen the value of the naira.
She said, “As you know, lawmaking is one of the primary and constitutional mandates of the National Assembly. Hence, the event we are witnessing today is one of such routine legislative processes and practices. Bills are proposed to amend, repeal or enact an existing Act or establish an entirely new law.
“In the circumstances of our present experiences in the implementation of Nigerian Content policies, it is obvious that there is a compelling need to repeal and enact the Nigerian Oil and Gas Industry Content Development Act 2010, and also to establish structures, plans and programmes for Nigerian content development and monitoring in the non-oil and gas sector to replicate and even surpass the successes achieved in the Nigerian Content development in the oil and gas sector, and the non-oil and gas sector of the economy.”
Godhead added that provisions in the two Bills “are still mere suggestions until they are enacted as Acts of the National Assembly.”
In his keynote address, Speaker Abbas Tajudeen, said the proposed amendment to the Nigerian Oil and Gas Industry Act, 2010, seeks to address some lapses in the Act, noting that “some critical provisions of the Act are so vaguely worded with wide discretionary administrative powers, especially on waivers, which has the propensity to aid the abuse of power.”
Represented by the Deputy Minority Whip, George Ozodinobi, the Speaker said the Non-oil and Gas (establishment) Bill seeks to “ensure the diversification of the Nigerian economy through the application of Nigerian content principles to transactions in the non-oil and gas sector.”
Tajudeen added that this means building up Nigeria’s abilities in key areas like ICT, mining, power, maritime, manufacturing, health, and agriculture. It’s done through investing in education, transferring skills and expertise, sharing technology knowledge, and promoting research programmes.
