The Nigerian Content Development and Monitoring Board, (NCDMB) says over $580 billion in projected local content spending can transform Nigeria’s oil and gas industry.
The Manager in charge of Strategic Business Development at the NCDMB, Mr Uchenna Okafor, told the 2026 manufacturers’ investment forum at the Offshore Technology Conference in Houston, United States of America on Friday that the investments could unlock new industrial growth and deepen indigenous participation across the energy value chain.
Speaking on Nigeria’s investment opportunities, market entry challenges and stronger collaboration with global equipment manufacturers, Okafor described Nigeria as Africa’s most strategic destination for energy investment and industrial partnerships.
He said that Nigeria’s hydrocarbon reserves remained among the continent’s most commercially attractive assets.
According to him, Nigeria holds 37.5 billion barrels of crude oil reserves, and that the country also holds over 200 trillion cubic feet of natural gas.
“These figures confirm Nigeria remains Africa’s largest opportunity for Original Equipment Manufacturers’ investment,” Okafor said.
He said the country’s expanding local capacity makes market entry increasingly attractive.
Okafor said regulatory reforms were creating faster pathways for project approvals and execution.
He noted that the Nigerian Oil and Gas Industry Content Development Act has strengthened local participation since 2010.
According to him, the Act has built indigenous expertise across engineering, fabrication, and consultancy services.
“Our vision is industrial growth across Nigeria’s energy and linked sectors,” he said, adding that the board remains focused on compliance and capacity development.
He identified certification systems and development funds as major policy instruments and that these instruments have improved transparency and investor confidence.
Okafor disclosed that the reforms introduced in the sector have improved contracting efficiency and that project contracting timelines dropped from 18 months to six, while tax incentives now support deepwater and gas investments.
According to Okafor, the reforms have already triggered major investment commitments, referencing the Bonga North Project among notable developments and the multiple final investment decisions which are currently underway while upstream, gas, fabrication, and consultancy projects remain active.
“Coming in with Nigerian partners offers your fastest route,” Okafor added.
GIK/APA