Lagos — Stakeholders in the nation's oil and gas sector have identified loopholes in the local content policy recently signed into law by President Goodluck Jonathan.

They spoke at a pre-conference workshop in Lagos titled: "The Nigerian Content Law: Application and Implications", organized by the National Association of Petroleum Explorationists (NAPE).

Chairman of Petroleum Technology Association of Nigerian (PETAN), Shawley Coker, said that the law in its bid to ensure that most contracts awarded by oil and gas companies operating in the country are executed failed in its definition of the real meaning of the term indigenous and Nigerian companies.

He explained that the section which gives room for the acceptance of gifts by the Local content monitoring board by all intents and purposes has exposed members to the acceptance of bribes.

He said the period allowed by the law for the awarding and execution of contracts by Nigerian and indigenous companies would unnecessarily prolong the job as well as slow the pace of development in the industry.

He however suggested that the board should urgently embark on harnessing capacities in Niger Delta region of the country and encourage technology transfer and the provision of funds from a pool which would be funded by indigenous banks in order to have a sense of belonging in the industry.