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ABSTRACT
The need for Nigeria to take substantial control of oil and gas exploration, exploitation and production as well as optimally tap into the immense prospects of the oil and gas industry to attain greater viability, improve foreign exchange through export and sale of refined products, and rejig the country’s faltering accruable revenue is a familiar refrain within conversations which orbit on the fate of the nation’s oil industry and economy entirely. The Local Content Policy is a crucial tool for enabling and indigenizing the oil and gas sector by establishing national economic values through institutional measures supported by legislation. As a result, the purpose of this paper is essentially to underscore the value of Nigeria’s local content policy in fostering local involvement and indigenization within the oil industry. To attain the foregoing purpose, central focus shall be hinged on the content and substance of the newly passed and signed Petroleum Industry Act (PIA), 2021. As the umbrella statute regulating the upstream and downstream sectors of the Nigeria Oil Industry, this paper shall examine its position with respect to local content development in the industry. The paper shall also highlight grievances and displeasure expressed by locales in the oilproducing areas regarding contentious provisions of the Act. We shall underscore issues arising from the enactment of the Act and climax by stating recommendations aptly tailored at improving local content in the industry. The methodology for this work, shall essentially be the doctrinal method which entails the study of major laws and textbooks written by distinguished scholars on the subject matter and other relevant materials such as academic journals, articles and judicial decisions or case laws as well as the internet. Furthermore, the position of the law with respect to local content some selected oil-producing jurisdictions would be considered and the available lessons for Nigeria would be explored.
