Chairman Senate Committee on Local Content, Joel-Onowakpo, Outlines Vision for Nigerian Economic Growth

The Senate Committee on Local Content’s inaugural meeting signals a significant shift in Nigeria’s oil and gas sector, particularly for the Niger Delta region. While the the Nigerian Content Development and Monitoring Board, NCDMB, has remained largely obscured from the general public in the South, it is hoped that working partnership between the Senate Committee on Local Content and the NCDMB will boost government revenue, improve balance of payments, reduce reliance on foreign goods and services, and stimulate job creation and economic growth.

The success of this initiative will be closely watched, particularly in the Niger Delta region, where the impact on local communities and the economy will be significant.

By E. R. Umukoro

By admin , in Inside stories , at April 6, 2025 Tags: Ejiro Umukoro Publisher and Editor in Chief, Nigeria National Assembly, Nigerian Content Development and Monitoring Board's (NCDMB), Nigerian Senate, Senate Committee on Local Content, Senator Joel-Onowakpo Thomas

The Senate Committee on Local Content, led by Senator Joel-Onowakpo Thomas, has held its inaugural meeting, marking a significant step towards promoting Nigerian content in the oil and gas industry. The committee’s vision aligns with the Nigerian Content Development and Monitoring Board’s (NCDMB) mandate to increase Nigerian participation in the sector, creating economic opportunities and improving livelihoods.

The committee’s key objective is to promote local content development, which involves fostering the growth of local businesses, creating jobs, and developing critical assets and skills. To achieve this, the committee will work closely with NCDMB to ensure the effective implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

In addition to its collaboration with NCDMB, the committee will engage with other stakeholders, including operators, service providers, and local businesses, to create an enabling environment that fosters the growth of local businesses and promotes job creation. The committee will also monitor compliance with existing local content laws and regulations, ensuring that International Oil Companies (IOCs) adhere to these laws.

***Chairman Senate Committee on Local Content, Senator Joel-Onowakpo alongside members at the maiden meeting of the Senate Committee on Local Content. PC: LR!M.***

The committee’s mandate includes oversight functions on NCDMB, matters relating to local capacity development and technology transfer in oil and gas industries, matters relating to patronage of local manpower, and receiving annual performance reports and budget estimates from NCDMB. By working together, the committee and NCDMB aim to increase government revenue, improve balance of payments, reduce dependence on foreign goods and services, and create jobs and stimulate economic growth.

The committee’s commitment to promoting local content development and collaboration with NCDMB is expected to drive economic growth and improve the livelihoods of Nigerians. With the committee’s commitment to collaboration and implementation of the NOGICD Act, Nigerians can expect to see increased economic opportunities and improved livelihoods.

In a recent development, the NCDMB and the Senate Committee on Local Content held a 3-day retreat in Abuja to forge closer collaboration and achieve improved implementation of the NOGICD Act. The retreat aimed to create synergy for sustainable local content development and featured presentations from key directorates of the Board.

Senator Joel-Onowakpo Thomas has also appointed 23 advisers to support his office in promoting local content development and implementing his electoral promises. The Senate Committee on Local Content’s efforts are expected to have a significant impact on the Nigerian economy, promoting local content development and driving economic growth. With the committee’s commitment to collaboration and implementation of the NOGICD Act, Nigerians can expect to see increased economic opportunities and improved livelihoods.