The Nigerian Content Development and Monitoring Board (NCDMB) says over $580 billion in projected local content spending could transform Nigeria’s oil and gas industry.
The board said the investments could unlock new industrial growth and deepen indigenous participation across the energy value chain.
Its Manager of Strategic Business Development, Mr. Uchenna Okafor, disclosed this on Friday, May 8, 2026, during an investment forum in the United States.
Okafor spoke at the 2026 manufacturers’ investment forum during the Offshore Technology Conference in Houston.
The forum focused on Nigeria’s investment opportunities, market entry challenges, and stronger collaboration with global equipment manufacturers.
Okafor described Nigeria as Africa’s most strategic destination for energy investment and industrial partnerships.
He said Nigeria’s hydrocarbon reserves remained among the continent’s most commercially attractive assets.
According to him, Nigeria holds 37.5 billion barrels of crude oil reserves, adding that the country also holds over 200 trillion cubic feet of natural gas.
“These figures confirm Nigeria remains Africa’s largest opportunity for Original Equipment Manufacturers’ investment,” Okafor said.
He said the country’s expanding local capacity makes market entry increasingly attractive.
Okafor said regulatory reforms were creating faster pathways for project approvals and execution.
He noted that the Nigerian Oil and Gas Industry Content Development Act has strengthened local participation since 2010.
According to him, the Act has built indigenous expertise across engineering, fabrication, and consultancy services.
“Our vision is industrial growth across Nigeria’s energy and linked sectors,” he said.
Okafor said the board remained focused on compliance and capacity development.
He identified certification systems and development funds as major policy instruments.
He said those instruments had improved transparency and investor confidence.
Okafor also referenced reforms introduced by President Bola Tinubu, saying the reforms have improved contracting efficiency across the sector.
According to him, project contracting timelines dropped from 18 months to six, explaining that tax incentives now support deepwater and gas investments.
Okafor said the reforms already triggered major investment commitments, referencing the Bonga North Project among notable developments.
According to him, multiple final investment decisions are currently underway while upstream, gas, fabrication, and consultancy projects remain active.
“Coming in with Nigerian partners offers your fastest route,” Okafor said.
He encouraged partnerships with Petroleum Technology Association of Nigeria (PETAN) members.
Okafor said PETAN members already support major energy projects nationwide, noting growing demand for digital solutions and technical support.
According to him, deepwater developments require stronger fabrication capacity.
He said remote monitoring and automation were reshaping industry operations.
Okafor advised: “Before leaving Houston, engage a Nigerian partner.
“The projects are ready, the reforms are ready, and opportunities are real,” he said.
By Yunus Yusuf