Folarin believes the new bill, if passed into law, will make Nigeria an industrialized nation.
According to him, the bill was designed to introduce procedures that would entice gains in local content implementation in the oil and gas sector and other sectors of the economy.
He added that the proposed law proves that the government has been overstretched with excessive agencies and therefore decided to rely on existing structures of government to implement local content.
His words, “The bill gives ministers who are responsible for implementing government policies in their sectors, additional responsibility for ensuring local content is achieved in all their transactions.
“Each sector will be required to set local content targets in its procurement of goods, services, and manpower and this will be well reflected in procurement planning, advertisement, bid evaluation, and vendor selection.
“Approvals for the award of contracts by the Federal Executive Council will upon enactment of the Bill require a Nigerian Content Compliance Certificate.”
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