On April 22, 2010, the much expected law for Nigeria Content Development in oil and gas sector was enacted and by its application, other policies on content development were accommodated under its ambit. The summary of the law are as follows:

- The spirit of the law is to ensure that Nigeria Content is management philosophy for project    execution; and that indigenous firms get first consideration in all operations and contracts.

- The law allows for promotion of measurable growth of Nigeria Content and ensures submission of   Nigeria content plan for all projects.

- It makes for first consideration from Nigerian goods and services and consideration for Nigerian    content in bid evaluation.

- First consideration of Nigerians for employment and training. It takes for submission of    employment and training plan.

- There is succession plan and Nigerianisation for indigenes to take over from foreigners over     time; description of allowance for expatriates positions and fixing of wages for indigenes.

- These are research and development regulations. Programme for Research and Development;    submission and content plan.

- Establishment of petroleum e-market place, JQS and NCCF.

NCCF Composition
                     Petroleum Technology Association of Nigeria – PETAN
                     Education & Training – OGTAN
                     Fabrication – TBA
                     Financial Services, Legal & Insurance – NBA-SBL
                     Shipping & Logistics – NCS (Nigerian Chamber of Shipping)
                     Materials & manufacturing – MANLOC
                     Information, Communication Technology- TBA
                     Engineering - OGDEN   

- There are regulations for registration with Nigerian professional bodies; programme for    technology transfer plan; submission of technology transfer plan; support of technology transfer.

- Fiscal incentives; patronage for local insurance and reinsurance business. National Insurance   Commision approval for offshore insurance.

- Use of local legal services; financial services. Establishment of Nigeria Content Development    Fund.

- Prohibition of importation of welded products.

- Support for implementation of Coastal and Inland Shipping (Carbotage) Act No. 5 2003