Amanze Chinonye
Nigeria’s oil and gas industry regulator has urged indigenous companies to strengthen their technical capabilities and improve access to financing, technology and critical assets to boost their competitiveness and expand into international markets, Prime Business Africa reports.
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The Nigerian Content Development and Monitoring Board (NCDMB) said access to these resources was essential to increasing local participation across the oil and gas value chain and enabling Nigerian firms to compete for larger projects.
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Speaking at the 2026 Energy Conference of the Association of Energy Correspondents of Nigeria (NAEC) in Lagos on Thursday, the board’s General Manager of Corporate Communications, Obinna Ezeobi, said the conference theme, “Access to Assets: Empowering Players and Driving Growth,” aligned with the objectives of the Nigerian Oil and Gas Industry Content Development Act.
The Act seeks to expand opportunities for Nigerian businesses and professionals in the oil and gas industry. Nigeria’s Nigerian Content 10-Year Strategic Roadmap, launched in 2017, targets 70% local content participation by 2027, with a focus on building the capacity of indigenous operating and oilfield service companies.
Ezeobi said Nigerian content had increased from 5% in 2010 to 61% in 2026, but stressed that further progress would require local companies to develop the skills, technology and business systems needed to compete internationally.
He cited the Nigerian Content Intervention Fund as a key financing mechanism, saying more than 130 indigenous companies had accessed over $400 million through the fund, which is domiciled with the Bank of Industry and the Nigerian Export-Import Bank.
Other initiatives include Project 100, which supports high-potential indigenous companies through capacity development, financial linkages and market access; the Nigerian Content Equipment Certification programme; the Nigerian Oil and Gas Parks Scheme; and vendor development initiatives.
Ezeobi said the NCDMB was also facilitating partnerships between Nigerian and foreign companies and promoting regional collaboration to help local businesses expand beyond Nigeria.
NAEC Chairman Ugo Amadi said indigenous companies faced significant barriers to acquiring and developing oil and gas assets, including high entry costs, funding constraints and lengthy approval processes. He called for expanded opportunities to enable local firms to participate more effectively in the sector.
Petroleum Technology Association of Nigeria Chairman Wole Ogunsanya called for greater consolidation and collaboration among indigenous oilfield service companies, saying stronger partnerships would allow them to pool technical capabilities and execute larger projects.
Kola Adesina, Group Managing Director of Sahara Power Enterprise Group and chairman of the conference, said access to capital, technology, partnerships and markets was as important as ownership of physical assets. He was represented at the event by Bethel Obioma, the company’s head of corporate communications.
Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo said Nigeria needed to move beyond ownership of its vast gas reserves to focus on their development, financing and conversion into economic value. Represented by his Senior Technical Adviser, Abel Nsa, Ekpo said the government’s Decade of Gas initiative aimed to expand the use of gas in industrialisation, power generation, transportation, manufacturing, fertiliser production and liquefied petroleum gas adoption.
The initiative is intended to support industrial growth and increase the economic benefits derived from Nigeria’s natural gas resources.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
