The Nigerian Oil and Gas Development Law 2010 defines local content as “ the quantum of com posite value added to or created in Ni geria through utilization of Nigerian re sources and services in the petroleum industry resulting in the development of indigenous capability without com promising quality, health, safety ...
What does Nigerian content mean?
Nigerian Content is the quantum of composite value added or created in the Nigerian economy through the utilization of Nigerian human and material resources for the provision of goods and services to the petroleum industry within acceptable quality, health, safety and environment standards in order to stimulate the ...
What does local content mean?
Local content is the value that an extraction project brings to the local, regional or national economy beyond the resource revenues. ... The value brought to the local, regional or national economy from an extraction project is referred to as the local content.
What is the meaning of local content requirement?
Local content requirements impact the global economy
The fastest growing of these measures are local content requirements (LCRs), which are policies imposed by governments that require firms to use domestically-manufactured goods or domestically-supplied services in order to operate in an economy .
What is the work of local content?
Local content refers to a set of actions – local recruitment, training, purchases of local goods and services – that are designed to develop the industrial infrastructure and skills of the people in countries that host businesses or projects.
How is local content calculated?
– “Local content” means the amount of value added in India which shall, unless otherwise prescribed by the Nodal Ministry, be the total value of the item procured (excluding net domestic indirect taxes) minus the value of imported content in the item (including all custom duties) as a proportion of the total value, in ...
Why is local content important?
More specifically relevant to digital marketing, Search Engine Watch defines it as: “Local content... can help search engines contextualize your website’s niche to its local service .” Your local content tells people and search engines what your business, product, or service is all about in layman’s terms.
What is the Nigerian Content Act?
The Act defines Nigerian content in Section 106 as “ the quantum of composite value added to or created in Nigeria through the utilization of Nigerian resources and services in the petroleum industry resulting in the development of indigenous capability without compromising quality, health, safety, and environmental ...
How much is the salary of Ncdmb?
Nigerian Content Development and Monitoring Board (NCDMB) Salaries. The average salaries for Nigerian Content Development and Monitoring Board (NCDMB) is 449,662 Naira .
What is Nigerian content development?
The Nigerian Content Development and Monitoring Board (NCDMB) was established in 2010 by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. ... To set guidelines and minimum content levels for project related activities across the oil and gas value chain.
What is minimum local content?
Minimum local content: The local content’ requirement to categorize a supplier as Class-l local supplier’ is minimum 50% . For ‘Class-Il local supplier’, the ‘local content’ requirement is minimum 20%. Nodal Ministry/ Department may prescribe only a higher ....
What is content requirements?
Content Requirements •Your content requirements should provide rough estimates of the size of each feature: word count for text features , pixel dimensions for images, and file sizes for downloadable, stand-alone content elements like PDF documents, or for features like audio or video.
What is an example of local content requirement?
An example of a fairly typical local content requirement is a preference for qualified nationals in hiring . Some countries may set a specific percentage requirement for the employment of country nationals.
What is a local content plan?
The local content plan (LCPlan) is a forecast of procurement and employment opportunities . It identifies specific actions and strategies that suppliers / contractors will implement to support Arrow’s local content requirements.
What is local content in oil and gas?
Local content is the development of local skills, oil and gas technology transfer, and use of local manpower and local manufacturing . For a more practical definition, one could say that local content is building a workforce that is skilled and building a competitive supplier base (Oil and Gas, 2010).
What is local production and content?
The Local Production and Content initiative therefore mandates minimum local content requirements for state tenders in designated sectors. Local production and content is usually stipulated as a minimum percentage of the tender price and specific production conditions .
