By Oluwakemi Ishola
In a bid to increase indigenous participation in the Oil and Gas Industry, Nigeria Government has directed ministries, departments, agencies and other parastatals not to award contracts above N5billion to any foreign firms, in line with proposed Local Content Bills being considered by the Nigeria Senate.
The decision of the federal government was disclosed by Personal Assistant on New Media to President Muhammadu Buhari, Hon. Bashir Ahmad via his verified Twitter account, @BashirAhmaad.
The sponsor of the local content bills in the red chamber is the Chairman Senate Committee on Local, Senator Teslim Folarin of Oyo Central Senatorial District.
According to Oloye Folarin during a public hearing recently organised by the National Assembly, the Bills have tremendous impacts, some of which include mass employment opportunities, trainings, professional services and local investments.