Özet:

This paper seeks to find the economic impact of local content policy of the oil and gas sector on Nigerian economy in general and examine its challenges and proffer solution to the challenges. The study utilized the descriptive research design for in its methodology where simple percentage and chi-square for data analysis, found that while the policy has achieved very little success in enhancing capacity utilization, employment generation and more contract awards to small and medium enterprises, nevertheless, issues such as ineffective supervision, inadequate training and financing still hinder the policy effectiveness. Above all, the finding of the study suggested that for Nigeria economy to grow, proper implementation of local content policy in oil and gas sector is a necessary concomitant as the policy has the potential to generate employment and increase value addition in the economy. On the basis of the findings, certain recommendations were made such as the faithful pursuance of capacity building of the Nigerians to enable them participate massively in the oil and gas sector and reduction of procedural hassles that have led to non-compliance and low implementation of the policy. Key Word: Economic Implications, Policy, Oil, Gas Industry and Nigeria.

Anahtar Kelimeler: