Thursday, November 19, 2020
Home News Contracts below N5bn will no longer be awarded to foreign firms -FG

Contracts below N5bn will no longer be awarded to foreign firms -FG

The federal government has directed that contracts below N5 billion will no longer be awarded to foreign firms.

This is according to a tweet by Bashir Ahmad, the personal assistant on new media to President Muhammadu Buhari.

Ahmad said the directive is in line with the local content bills that are being considered by the senate.

“The FG directs that contracts not above N5 billion will no longer be awarded to any foreign firms, this is in line with proposed local content bills being considered by the senate, the @FMWHNIG’s Engr. Abubakar Aliyu @sadiqatfifty , states that at a public hearing organised by the NASS,” he wrote.

The Nigerian local content development and enforcement bill 2020 seeks to amend the Nigerian oil and gas industry content development act.

The bill seeks to ensure that contracts that can be done by Nigerians are not awarded to expatriates.

The bill aims to build the capacity of local companies to enable them to compete with foreign counterparts, ensure patronage of made in Nigeria products, and create jobs for the citizenry.

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