Industry players in the oil and gas industry have commended the federal government on the implementation of the local content act.
They agree that this development has saved the country million of dollars and also domesticated activities across the sector.
Correspondent, Tolulope Ogunjobi reports that the passage into law of the Nigerian local content bill is one of the significant developments in localizing management and control of the oil and gas industry.
The bill received presidential assent on the 2nd of April 2010 and created a law to provide framework towards indigenous content in the Nigerian oil and gas industry.
Seven years after, this gathering examines implementation of the law, state ownership resources and infrastructure development in the oil and gas sector.
Nigeria is the world’s eight biggest oil exporter and relies on crude as its main foreign exchange earner.
Experts here agree although though the content act has helped improve the sector more needs to be done.
Industry players say the local content law can turn around the fortunes of Nigeria for good if properly implemented and monitored.