Opinion
Reflecting On Petroleum And Gas Local Content
About two years ago, Senator Lee Maeba (JP), member of the
6th Senate Assembly took the bull by the horn by confronting one of the ills of
our nation’s economy-the petroleum sector. He was able to brainstorm on the
gains and pains of this leading sector and came up with an excellent piece of
work called the “Petroleum and Gas Local Content Bill” which was extensively
scrutinised and passed into law. It is one of the monumental achievements by
the senate and indeed the National Assembly since the birth of our nascent
democracy. This is so because, the Bill has a total and direct bearing on the
life of the common people of this country. A people-oriented Bill of course. It
is more or less one of the big-box reforms that have happened in our clumsy and
zigzag petroleum sector of our economy. Kudos to Senator Lee Maeba of the Rivers South-East
Senatorial District.
It is very overwhelming to see that oil and gas occupy the
topmost cadre of our nation’s economy and provide the highest chunk of our
income and foreign reserve. But we are myopic in our assertion and
hypothetically consumed in ignorance when we believe that we have a dependable
working sector which is oil and gas . No! It is absolutely “NO” because the
major stakeholders or players who are the driving force of the industry are
foreigners. Foreign firms who galvanised the major exploitation and production
capacity and function of the industry do not allow for the nation’s maximum
utilisation of the profit or proceeds that accrued from the sector. A sector
can assume a dependable status when it’s about 80 percent driven by local or
indigenous investors. We are only left in the mercy of the multi-national
companies who provide the technical expertise of exploring the products. This
is unhealthy for our economy.
Just like Mr. Bill Clinton (former American President)
pointed out in one of his legendary speeches that “the rich countries problem
is rigidity and the poor countries problem is capacity” Sen. Lee Maeba has
decided to find solution to our capacity vacuum. Lack of capacity building and
utilization has continued to cripple our efforts in total harnessing of our
resources. With the local content law now in place, most of these anomalies
will be addressed in our petroleum industry. The gains are very enormous.
Employment opportunities shall be created for our timing youths.
This achievement will surely go a long way to curb part of
the Niger Delta problems. From all perspectives and indications and all things
being equal, the law will surely breed up the various factors of development
and growth of our economy and boost our standard of living. The law has opened
window of opportunities for indigenous investors, service providers and
patronage of local products needed in the industry. Indeed, there are too many
gains if fully implemented.
Senator Lee Maeba,
has really demonstrated his commitment, patriotism and deep concern about the
suffering of the Nigerian people and most especially the Niger Delta people
even in the midst of plenty. The Bill, the product of his endeavour and the
materialization of his creativity, innovation and long experience in the field
is an indication that he means well for his people. This giant strive and bold
step attest greatly to his legislative competence, vision and focus. Sen. Lee
Maeba could muscle the strength to put up this excellent piece of work is not
far from the fact that he has experienced or witnessed the second-fiddle
treatment and suffering of the Nigerian people working in the oil and gas
industries and the geometrical volume of cheat meted on our economy which he
confirmed on one of his Tuesday Line Radio Interview Programmes of NTA.
In as much as we applaud the Senator for dismantling this
colossal barrier that has bestrode the narrow and bizarre wall of our oil and
gas industry for so long, we also commend the urgent step taken by the
President, Dr. Goodluck Ebele Jonathan and the Ministry of Petroleum Resources
in implementing the law by setting up a technical committee to draw up
modalities for full implementation.
It is a well known fact, according to Prof. Henry Kissinger
– former Secretary of State of America, that one of the problems of government
is to separate the urgent from the important and make sure you are dealing with
the important and don’t let the urgent drive out the important. And it is also
a common phenomenon that things are always easy to say than done. And in
Nigeria too, policy formulation is one of the greatest achievements of our
successive administrations but the crux of the matter has always laia in the
shore of proper implementation and sustainability.
However, we are not advocating doom for the project but we
sue for transparency, corruption-free, good sense of purpose, and strict
compliance to the tenets of the Bill so as to reflect the aspiration and total
good intention of the sponsor or proponent of the Bill on the part of the
implementation committee. This done in earnest, the purpose of the project will
surely be achieved.
Hon. Tordee, a public affairs analyst, resides in Port
Harcourt.
Manson B. Tordee
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