Lagos — The Nigerian Content Development and Monitoring Board said there has been increase in contract award to Nigerian companies since President Goodluck Jonathan signed the local content bill into law two years ago.

It said the birth of the content law has brought back some 300,000 new job opportunities in the country's oil and gas industry.

Executive Secretary of the board Engr. Ernest Nwapa, who disclosed this at a forum organised by the Association of Consulting Engineers of Nigeria (ACEN), did not give the current spend proportion on local content in the country.

He said before the implementation of the local content law, there was estimated capital flight of $380billion from the nation's oil industry.

He also said there was an estimated loss of 2 million jobs in-country, in addition to the export of several jobs outside the shores of the country.

According to him, an estimated $191 billion could be retained in-country if the challenges besetting the implementation of the law is nipped in the bud.

These challenges, he said, include; absence of manufacturing capability and confidence to use local goods, extending implementation to downstream and growing new organization to meet wide responsibility.

Others are; funding the boards operations from appropriation, policy inconsistencies and exposure to frequent litigation.

Speaking, President of the Association of Consulting Engineers of Nigeria (ACEN), Engr. Nurudeen Rafindadi said Nigerian engineers have not benefitted from the implementation of the content law.

According to him, indigenous engineers have the expertise like their foreign counterparts to meaningfully contribute to the development of the nation's oil and gas industry.