NCDMB identifies asset access as next hurdle for indigenous oil firms
After Nigerian content rose from 5% in 2010 to 61%, the Board says local companies need better access to assets, financing and technology to compete globally.
Indigenous oil and gas companies in Nigeria need greater access to industry assets, financing, technology and markets to build on the gains made in local content and compete more effectively in international markets, the Nigerian Content Development and Monitoring Board has said.
The Board identified access to critical assets as a major requirement for the next phase of indigenous participation, as local companies seek to move beyond providing services towards taking on larger projects and expanding their presence across the oil and gas value chain.
Speaking at the 2026 Energy Conference of the Association of Energy Correspondents of Nigeria in Lagos on October 8, the Board’s General Manager of Corporate Communications, Dr Obinna Ezeobi, said Nigerian companies must strengthen their capacity and competitiveness to sustain the growth recorded under the Nigerian Oil and Gas Industry Content Development Act.
Ezeobi, who represented the Board at the conference held at Eko Hotel and Suites, said the event’s theme, Access to Assets: Empowering Players and Driving Growth, aligned with the objectives of the legislation and the need to create meaningful opportunities for Nigerians to participate in the industry.
He said Nigerian content in the oil and gas sector had increased from five percent in 2010 to 61 percent after 16 years of implementing the Act. However, he stressed that further progress would depend on equipping indigenous companies with the technical expertise, technology, financing and business systems required to compete internationally.
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One of the Board’s major interventions is the Nigerian Content Intervention Fund, through which more than 130 indigenous companies have accessed over $400m. The fund is domiciled with the Bank of Industry and the Nigerian Export-Import Bank.
Ezeobi also highlighted Project 100, which supports high-potential Nigerian companies through capacity development, financial linkages, market access and tailored business support.
Other interventions include the Nigerian Content Equipment Certification scheme, the Nigerian Oil and Gas Parks Scheme and vendor development initiatives, which are designed to improve local companies’ capabilities and strengthen their participation in industry supply chains.
The Board is also facilitating partnerships between Nigerian and foreign companies and promoting regional collaboration to help indigenous businesses access opportunities beyond Nigeria.
The interventions form part of efforts to advance the Nigerian Content 10-Year Strategic Roadmap, launched in 2017, which established a target of raising local content participation to 70 percent by 2027. The roadmap focuses on expanding opportunities for Nigerian professionals and companies while improving their capacity to undertake more complex industry activities.
At the conference, NAEC Chairman Ugo Amadi also called for greater opportunities for indigenous businesses to acquire and develop oil and gas assets. He identified high entry costs, financing constraints and lengthy approval processes as barriers limiting participation.
For indigenous oilfield service companies, the challenge also involves building the scale needed to undertake larger contracts. The Chairman of the Petroleum Technology Association of Nigeria, Engr Wole Ogunsanya, called for consolidation and stronger collaboration among local firms to enable them to combine technical capabilities and execute bigger projects.
Conference Chairman and Group Managing Director of Sahara Power Enterprise Group, Kola Adesina, represented by the company’s Head of Corporate Communications, Bethel Obioma, argued that access should extend beyond physical assets to capital, technology, partnerships, ideas and markets.
“Access is actually much greater and more important than assets,” he said, highlighting the role of relationships, knowledge and financing in enabling businesses to grow.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, represented by his Senior Technical Adviser, Engr Abel Nsa, said Nigeria must move beyond ownership of its gas resources to developing and converting them into economic value.
He said the Federal Government’s Decade of Gas initiative was intended to expand the use of gas in power generation, transportation, manufacturing, fertiliser production and liquefied petroleum gas adoption, among other areas of economic activity.
For indigenous oil and gas businesses, the discussions point to a challenge beyond securing contracts: gaining the assets, capital and technical capabilities needed to take on larger responsibilities, deepen local value creation and compete in regional and international markets.
