Nigeria has made a major leap in retaining value within its oil and gas industry, now keeping 56 percent of expenditure locally—up from just 5 percent in 2010.

Felix Ogbe, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), announced this milestone during a local content event held in Yenagoa, Bayelsa State.

Ogbe credited this progress to the effective implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, which marked its 15th anniversary this year.

“The journey from 5 percent to 56 percent in-country value retention in just over a decade demonstrates that Nigerian content has moved from aspiration to execution,” he said. “We now boast ISO-certified fabrication yards, modular refineries, and marine vessel ownership—all delivered by Nigerians.”

The event, themed “Driving Investment and Production Growth: Shaping a Sustainable Oil and Gas Industry through Indigenous Capacity Development,” highlighted Nigeria’s focus on increasing local innovation and capacity across the oil and gas value chain.

Ogbe also pointed to recent government initiatives, including President Bola Ahmed Tinubu’s signing of three Executive Orders and the launch of the “Nigeria First Policy,” which reinforce the commitment to local content and energy self-sufficiency.

“The real opportunity lies ahead,” Ogbe stressed, urging International Oil Companies (IOCs) to prioritise Nigerian firms in upcoming projects such as UBETA, Bonga North, and Zabazaba.

The formation of the Africa Energy Bank, expected to open in Abuja by mid-2025, is set to provide additional funding to Nigerian companies, further supporting indigenous growth.

Ogbe praised local firms like Renaissance, Seplat, and Oando for acquiring onshore assets, calling it a “strategic shift” toward greater national ownership.

This significant rise in local content signals Nigeria’s growing control over its oil and gas sector and a stronger foundation for sustainable industry growth.