The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has said that participation of Nigerians in the activities of the oil and gas industry has moved from 5% in-country value retention in 2010 to 56% in December 2024.
Speaking at the 5th Edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) 2025 in Bayelsa, Ogbe said since the enactment of the NOGICD Act in 2010, the board have made remarkable progress in building the capability and capacity of Nigerians and of Nigerian companies, attracting critical investments in-country, and enhancing value retention.
He said: “The real opportunity still lies ahead. As we move towards rebalancing our economy and increasing oil and gas production, it is imperative that we deepen indigenous participation—not only in upstream services but across midstream and downstream operations.“The sale of onshore assets by the IOCs to indigenous companies is a bold step and strategic shift towards deeper local participation and value retention”
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He noted that the three Executive Orders signed by President Bola Ahmed Tinubu have positioned Nigeria as the preferred investment destination for the oil & gas sector in Africa.
He congratulated Renaissance, Seplat, Oando and all indigenous companies on their milestone achievements and encouraged them not to relent.
“We must sustain the momentum, and come together to support this local content stride in terms of procurement, capacity building, knowledge transfer, job creation and mentorship for upcoming investors. With opportunities like UBETA, Bonga North, Zabazaba coming onstream, great opportunities are provided for Nigerian companies to further demonstrate their capacity. I encourage the IOCs to make a conscious effort to engage local companies in line with the provisions of our laws”, he stated
Ogbe stated that with the Africa Energy Bank coming on stream before the end of the 2nd quarter in 2025 there will be more funding availability for local companies.
“Therefore the IOCs and indigenous operators to revamp our Human Capital Development (HCD) initiatives. We are mindful of the numerous training sessions already conducted. The need to quickly deliver on more training is critical. With the increase in activities in the oil and gas industry, I urge that we step-up our training. I look forward to your support in ensuring that all training under appropriate projects are conducted immediately”
