The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Felix Ogbe, has announced that Nigeria achieved 56 per cent in-country value retention in the oil and gas industry in December 2024.
Addressing the ongoing Nigerian Oil and Gas Opportunity Fair organized by NCDMB in Yenagoa, Bayelsa State on Wednesday, Ogbe said that the leap was from 5 per cent achieved in 2010.
He disclosed that the NCDMB had a 10-year roadmap to deepen local participation and increase the participation of Nigerians in the activities of the oil and gas industry.
He noted that as the global energy landscape evolves, Nigeria must position itself as an attractive hydrocarbon investment destination and also as a beacon of sustainable development powered by local companies.
“Since the enactment of the NOGICD Act in 2010, we 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 stated.
Ogbe explained that in a bid to revitalise Nigeria’s oil and gas sector, President Bola Tinubu signed three executive orders that were designed to leverage the nation’s resources and position Nigeria as the preferred investment destination for the oil & gas sector in Africa.
He posited that what the board does has been further reiterated by President Tinubu’s newly introduced ’Nigeria First Policy’, which he described as a bold and forward-thinking move for the Nigerian content drive.
“Today, we are proud to say that Nigerian content has moved from aspiration to execution. From well-equipped ISO-certified fabrication yards in Port Harcourt, Warri, and Lagos to modular refineries in Imo and Delta States, and from pipe mills to marine vessel ownership, Nigerians are not just participating—they are delivering at the highest level,” he said.
Ogbe therefore urged the international oil companies operating in Nigeria to engage local companies in the execution of their projects.
He noted that the sale of onshore assets by the International Oil Companies (IOCs) to indigenous companies was a bold step and strategic shift towards deeper local participation and value retention and urged the local companies not to relent. .
“I use this opportunity to congratulate Renaissance, Seplat, Oando, and all our indigenous companies on their milestone achievements. I encourage you 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,” he stated.
With opportunities like UBETA, Bonga North, and Zabazaba coming onstream, Ogbe noted that great opportunities are provided for Nigerian companies to further demonstrate their capacity, asking the IOCs not to outsource.
“I encourage the IOCs to make a conscious effort to engage local companies in line with the provisions of our laws. Let’s ensure we use what we have at home first before we ‘cannot go outside.
“Let me be clear, no nation achieves energy security or industrial prosperity by outsourcing its core capabilities. Our strength must lie in the expertise of our people, the enterprise of our local businesses, and the robustness of our institutions. I cannot emphasise this enough!
“To this extent, I charge the IOCs and indigenous operators to revamp our Human Capital Development initiatives. We are mindful of the numerous trainings already conducted. The need to quickly deliver 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 trainings under appropriate projects are conducted immediately,” he added.”
The two-day NOGOF 2025 has the theme ‘Driving Investment and Production Growth: Shaping a Sustainable Oil and Gas Industry through Indigenous Capacity Development’, and it has in attendance executives of oil and gas companies and other stakeholders in the industry.
GIK/APA