NCDMB woos investors as local content hits 56% in petroleum industry
The Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to attract new local investments into the country’s oil and gas sector at the 2025 Nigerian Oil and Gas Opportunity Fair (NOGOF) in Yenagoa, Bayelsa State.
Speaking to journalists in Abuja, NCDMB’s Executive Secretary, Engr. Felix Ogbe, disclosed that local content in the petroleum industry now stands at 56%.
He recalled that at the 2023 NOGOF event, over 100 investment opportunities were presented by companies, with some, including the Ubeta and Bonga North projects, now successfully executed.
“NOGOF serves as a platform for upstream, midstream, and downstream operators to unveil their upcoming projects,” Ogbe explained. “The objective is to advance our national ambitions of increasing gas and crude oil production, boosting revenue, and fulfilling domestic supply obligations.”
This forum enables service providers, manufacturers, oil and gas trainers, and job seekers to invest in facilities and capabilities that will localise industry activities within Nigeria.
The 2025 edition of NOGOF is themed: “Driving Investment and Production Growth: Shaping a Sustainable Oil and Gas Industry through Indigenous Capacity Development.”
During the event, Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Wole Ogunsanya, lauded the NCDMB’s efforts in expanding the oil and gas value chain in Nigeria.
Ogunsanya predicted further local content growth, particularly with Nigerian companies acquiring oil and gas assets previously owned by International Oil Companies (IOCs).
“In the ExxonMobil deal, 40% of the oil that was previously exported by the company will now remain within Nigeria,” he explained. “Similarly, for the SPDC transaction, 45% of its profit will now stay with Renaissance, a Nigerian firm. This encapsulates the essence of local content.”
With this trend, industry stakeholders anticipate increased national participation in the oil and gas sector, fostering economic development and strengthening indigenous expertise.
