The Nigerian Content Development and Monitoring Board (NCDMB) has released its annual local content compliance report showing that Nigerian-owned companies now account for 54% of all oil and gas sector contracts by value, up from 38% in 2018 and representing a milestone in the implementation of the Nigerian Oil and Gas Industry Content Development Act.
The report credits the increase to a combination of mandatory local content targets embedded in new petroleum licenses under the Petroleum Industry Act 2021, the establishment of the NCDMB Nigerian Content Intervention Fund which provides low-interest financing to indigenous oil service companies, and the deliberate policy of some multinational operators to develop long-term relationships with Nigerian suppliers.
Sectors where Nigerian companies have achieved the most significant gains include marine logistics, engineering design services, and pipeline maintenance, while areas such as subsea technology and specialised drilling remain dominated by international contractors.
NCDMB Executive Secretary Felix Ogbe said the 54% figure was encouraging but noted that the quality and complexity of contracts awarded to Nigerian companies still lagged behind international standards, and that capacity building in technology-intensive segments remained a priority for the next phase of local content development.
