The Nigerian Content Development and Monitoring Board (NCDMB) has disclosed a milestone in the implementation of local content in the Nigerian oil and gas industry.
Highlighting gains in the ongoing reforms in the energy sector so far, the board informed that the reforms had attracted billions of dollars in new investments and restored investor confidence.
According to the board, the nation’s local content level has risen to 61 percent, with a target of 70 percent by 2027, as well as more than 50,000 jobs already created.
Executive secretary of NCDMB, Mr Felix Ogbe disclosed this at the just-concluded 2026 Original Equipment Manufacturers (OEMs) Investment Forum held on the sidelines of the Offshore Technology Conference (OTC) in Houston, Texas, USA.
Speaking at the forum which had theme as ‘Nigeria as an OEM Investment Destination: Addressing Barriers, Enabling Entry and Strengthening Local Content Partnerships,’ Ogbe, represented by the director of 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.
The executive secretary said the reforms had already produced notable results, with Nigeria recording three major Final Investment Decisions (FIDs) within 18 months.
