Analysis of Mechanisms for Promoting Local Content towards National Development in Nigeria: A Case Study of NOGICD ACT, the Nigerian Content Development and Monitoring Board (NCDMB) and its Community Content Guideline (CCG) (Published)
The quest for the growth of indigenous businesses and investments in the nation’s economy and necessity to maximize participation of Nigerians in oil and gas activities have prompted the “indigenization” policy which was first articulated as a legal instrument in the Nigeria’s Petroleum Act of 1969. The paper considers the situation where the region that produces the bulk of national wealth and contributes so much to global oil wealth, is at the same time, the region where local dwellers ravaged in extreme poverty as reason for the government to constantly review its approach and strategy towards achieving the intention for indigenization. The paper assesses the various initiatives set forth to position Nigerians to fully access the benefits and opportunities within the nation’s oil and gas industry. It observes that the NOGIC Act 2010 which gives birth to the Nigerian Content Development and Monitoring Board (NCDMB) and the consequential Community Content Guideline (CCG) constitute a paradigm shift in the Nigerian oil and gas industry. The paper concludes that considering the current global economic order, the NOGIC Act provides a viable path to sustainable national economic development while the Community Content Guideline CCG is a veritable vehicle for fast tracking development in community context.