By Obiabin Onukwugha
The Nigerian Content Development and Monitoring Board (NCDMB), in collaboration with the Nigerian Content Consultative Forum (NCCF), convened a strategic retreat aimed at strengthening Nigeria’s local content framework and chart a sustainable pathway for the oil and gas industry.
The retreat, which held on Monday in Abuja, brought together key stakeholders to review progress, assess challenges, and define actionable strategies for future growth of the industry.
During the session, participants examined the impact of the Nigerian Oil and Gas Industry Content Development Act of 2010 (NOGICD), which has remained a cornerstone of Nigeria’s local content drive.
NCDMB in a statement on its X social media handle said since its implementation, local content has increased significantly, rising from 5% to 56% between 2010 and 2024, with projections targeting 70% by 2027.
“Additionally, Nigerian ownership of oil and gas marine vessels has grown from 5% to 40%, while over 50,000 direct jobs have been created within the past 11 years. The initiative has also contributed in retaining approximately $8 billion annually in-country,” the statement read.
Key initiatives highlighted at the retreat, according to the statement included a $50 million research and development fund, modular refineries, FPSO infrastructure, oil and gas parks, and improved financing through the Nigerian Content Intervention Fund (NCIFund). “The Petroleum Industry Act has further strengthened governance and indigenous participation,” the statement further read.
However, stakeholders identified the need for better enforcement, transparency, performance tracking, and alignment with industrialization goals, with emphasis on technology transfer and local manufacturing.
“The retreat reaffirmed commitment to deeper local participation, stronger governance, and sustainable industry growth,” the statement added.
