By Obiabin Onukwugha
Governor Douye Diri of Bayelsa State has called for a new investment model anchored on technology transfer and local value retention for Nigeria’s oil and gas sector.
Speaking at the ongoing 2025 Practical Nigerian Content (PNC) Forum in Yenagoa, Bayelsa State, Diri warned that the era of foreign capital arriving without long-term developmental commitments must be phased out.
He expressed the need for Nigeria to insist on investment partnerships that elevate indigenous capacity rather than sideline it.
“There must be a permanent marriage between our indigenous aspirations and foreign capital. We welcome investment, but not at the cost of our sovereignty or our future.
“We must negotiate without fear, but we must never fear to negotiate. Our agreements must protect Nigerian interests, our people, our environment, and our long-term competitiveness,” he said.
Governor Diri warned that Nigeria must no longer serve as a dumping ground for obsolete technologies and outdated industrial practices.
He expressed the need for new sovereign investments coming with clear structures for manufacturing linkages, localised production, and long-term industrial integration.
“Our markets cannot continue to be repositories for expired technologies and harmful environmental behaviour,” he said. “Technology transfer must be genuine, not cosmetic. If capital is coming in, it must come with trading programmes, manufacturing linkages, and a plan to localise critical inputs over time.”
The governor challenged indigenous firms to strengthen collaboration with academic institutions, stressing that the sector’s future depends on co-designed curricula, applied research, and knowledge incubation.
On environmental standards, Diri insisted that investment must advance environmental responsibility alongside profit.
“Economic exploration must march in step with environmental stewardship,” he said. “Routine gas flaring must end. There must be enforceable plans for remediation and restitution wherever damage occurs.”
He said international partners must bring capital, expertise and respect,” adding, “Our local players must be ambitious and exacting, investing in quality, collaboration and long-term competitiveness.”
Stakeholders described his remarks as one of the clearest statements on aligning investment inflows with Nigeria’s push for stronger local content and responsible energy development.
In his keynote address, Executive Secretary of the Nigerian Content Development Monitoring Board, NCDMB, Engr. Felix Ogbe, announced the creation of a $100 million Equity Investment Scheme to strengthen indigenous participation in the oil and gas industry.
He said the new fund developed in partnership with the Bank of Industry, will provide equity financing for high-growth Nigerian energy service companies and further deepen the Nigerian Content Development Fund (NCDF).
“We have concluded arrangements to establish the $100 million Equity Investment Scheme as a new product under our intervention fund,” Ogbe declared. “This scheme will diversify our NCDF income base while strengthening local content development.”
Ogbe said the initiative is designed to help local firms scale more aggressively in a competitive and evolving energy market, ensuring that Nigerian companies retain a significant share of industry value creation.