PROMOTING OIL AND GAS INDUSTRY CONTENT DEVELOPMENT ACT, 2010: A REVIEW OF THE PROSPECTS, CHALLENGES AND THE WAY FORWARD
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Date
2021
Authors
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Journal ISSN
Volume Title
Publisher
MUNFLJ
Abstract
The Act aims to intensify Nigerian companies' involvement in the oil and gas industry by repositioning the Nigerian energy sector towards maximizing the benefits of the law to enhance local capacity. However, the government political will has not been demonstrated to achieve this via effective monitoring and implementation of the Act for sustainability for Nigerians and future generations' benefits. The research adopts library-based doctrinal legal research techniques with a conceptual legal approach with primary sources such as case laws, stare decisis, and secondary bases, for instance, schoolbooks and academic journals written by renowned legal scholars.The main finding of study is the absence of close monitoring and weak enforcement of the Act by the Nigerian Content Development and Monitoring Board which is a challenge that should be combated. The Board and other regulatory bodies' inability to bridge the capacity disparity hamper oil and gas international businesses from conforming with the Act. The study designed a hybrid model for transforming Nigeria's oil and gas sector to promote efficiency and to increase indigenous human capacity participation in the sector. The study recommends the need to amend the law in conformity with the International Trade and Investment Treaties, which Nigeria is a signatory. The study advocates research and development to encourage technological progress that will break new grounds and enhance local content. A brief summary and potential implications of the study were stated. The study ends with the suggestion for more researchers to utilise the quantitative method to propel more research on thisarea of law.
Description
Staff Publication
Keywords
Local Content Act,, Nigeria Oil Industry,, Economic Development,, Oil and Gas.