Nigeria’s oil and gas sector has attracted investments exceeding $10 billion in the last three years, driven by policy reforms, executive orders and strategic incentives introduced by the administration of President Bola Tinubu
The Nigerian Content Development and Monitoring Board, NCDMB disclosed this at a Strategic Leadership Roundtable Briefing during the 2026 Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, in the United Arab Emirates.
A statement by the Board on Wednesday noted that it used the occasion to highlight Nigeria’s efforts to strengthen local content development and attract investments into the upstream oil and gas sector.
General Manager, Corporate Communications at NCDMB, Dr Obinna Ezeobi, who represented the Executive Secretary, Engr. Felix Omatsola Ogbe, at the roundtable, attributed the investment growth to government reforms and new policy initiatives aimed at improving the industry’s investment climate and accelerating project development.
The roundtable, with the theme “Delivering the Energy the World Needs: Recalibrating Upstream Projects,” brought together 21 global industry leaders to exchange perspectives on emerging challenges, investment opportunities and strategies for sustaining growth in the energy sector.
Speaking at the session, Ezeobi outlined the Board’s mandate, which focuses on developing local human and material capacities, monitoring compliance with the Nigerian Oil and Gas Industry Content Development Act and facilitating investments across the sector.
He also highlighted the importance of collaboration between the NCDMB and key industry stakeholders, noting that the Board’s policy interventions had contributed to securing new Final Investment Decisions, FIDs, for major oil and gas projects.
Among the initiatives he identified were the revised Nigerian Content Contracting Guidelines, designed to accelerate project approvals, and the Nigerian Content Equipment Commitment, NCEC, Guidelines.
According to him, the NCEC framework is designed to eliminate briefcase companies from industry operations while enabling Original Equipment Manufacturers, OEMs, to participate directly in delivering services for deepwater operations.
The measures, he explained, form part of broader efforts to improve efficiency, strengthen local participation and create an investment-friendly environment capable of supporting large-scale upstream developments.
The Nigerian delegation at the roundtable also included the Managing Director of NNPC Exploration and Production Limited, Mr Nicolas Foucart, and the Managing Director of NNPC 18 Operating Limited, Ms Ibiyemi Asaolu.
Discussions at the session focused on investment strategies, navigating complex operating environments and strengthening long-term growth and economic development in the global energy industry.
Participants also explored practical approaches to diversifying upstream financing, accelerating field assessments, improving project delivery and increasing hydrocarbon recovery, while identifying strategies for building a more resilient energy future.
