Investor Presentaiton
The Country and its
institutions
KPMG
Business Organisation Labour and Social
and Regulation
Security Regulations
The Nigerian Financial Tax System
Services Industry
Foreign Exchange
Transactions
Investment in Nigeria
Accounting and
Importation of Goods
Exportation of Goods
Auditing Requirements
COVID-19 Economic
and Fiscal Measures
1.4.34 Nigerian Content Development and Monitoring Board (NCDMB)
The NCDMB was established by the Nigerian Oil and Gas Industry Content
Development Act (NOGICDA), 2010, to supervise, co-ordinate, monitor and
implement the provisions of the Act, with a view to improving indigenous
participation in the Nigerian oil and gas industry.
In this regard, NCDMB is charged by NOGICDA to:
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•
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implement the regulations made by the Minister of Petroleum
Resources in relation to any aspect of the Act;
supervise, co-ordinate, administer and monitor the development of
Nigerian content in the Nigerian oil and gas industry;
appraise, evaluate and approve the Nigerian content plans and reports
submitted to the Board in compliance with the provisions of the Act;
administer and operate the e-market place and Joint Qualification
Systems set up in accordance with the provisions of the Act;
assist local contractors and Nigerian companies to develop their
capabilities and capacities to further the attainment of the goal of
developing Nigerian content in the Nigerian oil and gas industry; and
make procedures to guide the implementation of the Act and ensure
compliance.
A Bill has been proposed for an Act to repeal the NOGICDA and enact
the Nigerian Content Development and Enforcement Act. The Bill seeks,
among other things, to extend the application of the local content principles
and philosophy to other key sectors of the economy, such as information
and communication technology, power, solid minerals, and construction.
Please refer to Appendix 1 for contact information of the above Federal ministries,
departments and agencies.
1.5
Other Self-regulatory Agencies
1.5.1
Nigerian Stock Exchange (NSE)
1.5.2
1.5.3
The NSE is the organised market for the sale of stocks, shares and
debentures of companies, unit trusts and stocks/bonds issued by the
Government. It provides essential facilities for companies and Government
to raise funds for business expansion and development projects. It is
governed by rules formulated by its National Council for the operation of the
Exchange. Dealings on the floor of the Exchange are conducted through
licensed stockbrokers.
The Exchange has trading floors in Lagos, which is its headquarters, and
thirteen other cities in the six geopolitical zones in Nigeria, including Abuja,
Ibadan, Onitsha, Kano, Ilorin, Port Harcourt, Kaduna, Benin and Yola. Stocks
can be traded physically by licensed stockbrokers on the trading floors,
and remotely by licensed stockbrokers that are registered on the NSE's
Automated Trading System.
Abuja Securities & Commodities Exchange (ASCE)
The ASCE was set up in 1998 as a parallel stock exchange to the NSE
and commenced trading in 2001. However, soon after its take-off, it was
converted to a commodity trading exchange.
There are indications that the Federal Government (through the combined
efforts of the SEC, Ministries of Finance, Agriculture, and Trade and
Investment) may restructure the ASCE, to align its structure and operations
with Government's agenda for agriculture and small and medium
enterprises. It is envisaged that this measure will provide the much-needed
stimulus to non-oil export promotion in the country.
Lagos Commodities and Futures Exchange (LCFE)
The LCFE was recently licensed by the SEC to function as a platform
where traders exchange commodities and derivatives. The LCFE would be
operationalised through partnerships with the Association of Stockbroking
Houses of Nigeria and the Central Securities Clearing System (CSCS).
Based on a Memorandum of Understanding between LCFE and CSCS, the
latter would serve as the depository, clearing and settlement house for the
LCFE.
Investment in Nigeria Guide - 8th Edition
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