KEY POINTS
- Nigeria urges African producers to create low-interest funding schemes for local oil firms.
- NCDMB says political will, partnerships, and targeted support drive indigenous growth.
- Nigeria’s local content performance has climbed to 56% after a decade of reforms.
Nigeria is putting pressure on other African oil producers to create more affordable financing options that will support domestic service businesses in a market that has historically been controlled by multinational corporations.
Nigerian Content Development and Monitoring Board (NCDMB) officials stated that nations on the continent must implement targeted funding programs with single-digit interest rates during their remarks at the Namibia Oil and Gas Conference in Windhoek.
They contend that the action would equip regional producers and service providers with the means to expand their businesses, secure contracts, and successfully compete with international petrol firms.
Delegates were informed by Obinna Ezeobi, General Manager for Corporate Communications at NCDMB, that Nigeria’s experience demonstrates how organized assistance can increase indigenous involvement in oil and gas. He cited the board’s “Project 100” program, which provides specific Nigerian companies with technical assistance, market access, and strategic financial support.
Building capacity through political will and partnerships
Ezeobi called on governments to promote cooperation between regional businesses and original equipment manufacturers and strengthen ties with reliable private-sector investors. In order to expose indigenous businesses to new technologies and collaboration prospects, he also recommended that the state sponsor their attendance at international oil conferences.
He acknowledged that Nigeria encountered skepticism from foreign oil companies and concerns regarding the technical capability of local oil firms, citing the country’s early difficulties in enforcing its historic Oil and Gas Industry Content Development Act.
However, persistent involvement, steady government support, and the actions of Nigerian companies contributed to the change. He declared that “strong political will is non-negotiable.” “Stakeholders need to be aware of the policy and their responsibilities in order for it to be effective.”
By 2025, Ezeobi continued, local service companies in Nigeria had developed into dependable contractors that completed top-notch projects on time, a far cry from the unpredictability of ten years prior.
The Director of Corporate Services at NCDMB, Abdulmalik Halilu, outlined the key factors contributing to Nigeria’s success: a robust regulatory environment, consistent market access, capacity-building programs, and funding windows. According to him, Nigeria’s 10-year strategic plan has increased local content performance to 56% this year, and there is still opportunity for improvement.
He also gave credit to the Petroleum Technology Association of Nigeria (PETAN), which consists of over 100 businesses that employ tens of thousands of people and provide cutting-edge technologies. Over 100,000 jobs have been created as a result of their combined efforts.
