Oil & Gas
By Anthony Isibor
ABDULKADIR Ahmed, managing director and chief executive officer, NLNG Ship Management Limited, NSML has said that the passage of the 7 ministerial regulations has brought about clarity, which will in turn lead to increased compliance with the requirements of the Nigerian Oil and Gas Industry Content Development, NOGICD Act.
Speaking on the implementation of the Nigerian Oil and Gas Industry Content Development Compliance and Enforcement Regulations at one of the panel sessions at the ongoing Nigeria Oil and Gas conference in Abuja on Monday, July 4, 2022, Ahmed noted that compliance can only be possible when clarity is achieved.
He argued that although it has been widely agreed that the NOGICD Act is needed by all players in the industry, there have been arguments with regards to its regulation and implementation, and noted that the 7 Ministerial Regulations will put an end to that argument because it has simplified the requirements of the Act.
“With clarity, which the 7 Ministerial Regulation brings, it is easier to comply with the requirements of the NOGICD Act passed in 2010.
He said that this clarity would bring about compliance as understanding what one is supposed to do would make it easier to do them.
He added that the NOGICD Act, which cuts across all sectors, goes beyond the Nigerianisation of the sector, but also involves domestication and domiciliation of the values and gains recorded in the oil and gas industry.
Other speakers on the panel agreed that with the 7 Ministerial Regulations, there would be increase in economic growth and indigenous industry players would have better chances of survival as well as increase the opportunity of achieving the 70% local content goals.
KN
Tags: Abdulkadir Ahmed NLNG NLNG Ship Management Limited NOG
