Nigerian Oil and Gas Local Content Act

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The Nigerian Government recently consolidated into one legislation known as the Nigerian Oil and Gas Oil Content Development Act, which legislation is more commonly referred to as the local content law, various other legislations which seek to develop a strong Nigerian content, development, research and participation of Nigerians in her very lucrative oil and gas industry. Nigerians are now required to be given the first consideration in any oil and gas business in the Nigerian energy industry. The penalties for not following a Nigerian Content Plan include a fine of 5% of the contract value and or the outright cancellation of the contract or contracts.

This newsletter is our contribution to your appreciation of the various previous of this Law and how it may impact on your business.

Happy reading.

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Published In: Business Organization Updates, Energy & Utilities Updates, Government Contracting Updates, Insurance Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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