Yemisi Izuora
The Nigerian Content Development and Monitoring Board (NCDMB) has highlighted gains in the ongoing reforms in the oil and gas sector which has attracted billions of dollars in new investments and restoring investor confidence.
Equally, more than 50,000 jobs have been created, while Nigeria’s local content level has risen to 61 per cent, with a target of 70 per cent by 2027.
The Executive Secretary of NCDMB, Mr Felix Ogbe, said this at the 2026 Original Equipment Manufacturers (OEMs) Investment Forum held on the sidelines of the Offshore Technology Conference (OTC) in Houston, Texas, U.S.
The forum has the theme: “Nigeria as an OEM Investment Destination: Addressing Barriers, Enabling Entry and Strengthening Local Content Partnerships”.
Ogbe, represented by the Director, Planning Research and Statistics, NCDMB, Mr Silas Ajimijaye, said Nigeria had moved beyond its traditional image as a high-potential market to become a destination delivering measurable investment returns.
“Nigeria is no longer a promise waiting to be fulfilled; it is an investment destination delivering results at speed and scale,” he said.
Ogbe attributed the momentum to reforms introduced through executive orders signed by President Bola Tinubu in February 2024.
According to him, the reforms have significantly reduced regulatory bottlenecks, accelerated approvals and improved the ease of doing business in the sector.
“Under the new regime, Nigerian content plan approvals now carry a strict 10-day deadline, with automatic consent granted if regulators fail to respond.
“Contracting cycles that once stretched up to 18 months have been compressed to as little as four to six months, while targeted tax incentives have been introduced to stimulate deepwater and gas investments,” he said.
Ogbe said the reforms had already produced notable results, with Nigeria recording three major Final Investment Decisions (FIDs) within 18 months.
He listed the projects to include Shell’s five billion dollars Bonga North project, major gas developments and the 20 billion dollars Bonga South-West Aparo deepwater project recently approved by the Federal Government.
According to him, regulators have also approved 28 field development plans valued at about 18 billion dollars, expected to unlock nearly 600,000 barrels per day in additional production capacity. “When the world’s largest energy companies are accelerating into a market rather than retreating from it, that is your signal.
“Nigeria is that market, and now is that moment,” he said. Ogbe said a key aspect of the reforms was strengthening the credibility of local content implementation. He said NCDMB had eliminated the use of intermediaries and shell entities that previously inflated costs and weakened project execution.
According to him, certification guidelines introduced in December 2025 now require physical verification of assets, prohibit third-party applications and make certificates non-transferable.
He added that the removal of the 51 per cent local equity requirement had created greater flexibility for original equipment manufacturers seeking partnerships in Nigeria.
“These measures not only protect investors but also strengthen execution quality across the industry,” he said. Ogbe said the board had, over the past 15 years, supported capacity development through project-based training and financing support for indigenous firms.
“The gap between current capacity and future targets represents significant opportunities for international investors.
“The reforms are law. The partners are ready. Nigeria is open for business and we are ready to welcome the world,” he said.