The Nigerian Content Development and Monitoring Board said on Tuesday that it has achieved 61 per cent local content in the petroleum industry at the 2025 Practical Local Content.
NCDMB Executive Secretary, Felix Ogbe, who disclosed this in his keynote address in Yenagoa, also announced a $100 million Nigerian Content Equity Investment Fund to be managed by the Bank of Industry.
The board began implementing a 10-year roadmap to grow local content to 70 per cent by 2027.
Ogbe stated, “At this point, I am happy to announce that Nigerian Content levels in the projects monitored by the Board have increased from 56% to 61%.”
He said the board also made some achievements in commencing the Nigerian Content Academy, while work has commenced in the Oloibiri Museum and Research Centre, as well as human capital development.
“On HCD, we rolled out the Oil and Gas Field Readiness Training Programme for the Top 10 skills in high demand to enhance job placements for the trainees upon completion of the program. So far, we have received over 11,000 applications for the Field Readiness program,” Ogbe stated.
He said the board would embark on other significant programmes that would positively impact the oil and gas industry in the coming year.
Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the present administration has worked hard to convince some international oil companies that left the country to return.
Lokpobiri also called for caution in the implementation of the local content act so that it would not cause disruption in the industry.
The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpoh, assured all of the government’s determination to ensure that the oil and gas industry benefits Nigerians.
While declaring the forum open, Bayelsa State Governor, Senator Douye Diri, who was represented by the Secretary to the State Government, Nimibofa Ayawei, said that the state bears the brunt of the oil and gas industry.
Other speakers include the Chairman, Senate Committee on Local Content, Senator Joel Onowakpor-Thomas and his counterpart in the House of Representatives, Hon. Boma Goodhead.
Online in March reported that the local content in the petroleum industry reached 56 per cent, with ongoing reviews likely to further enhance this figure.