NCDMB to foster indigenous capacity in petroleum industry with 2025 NOGOF fair

…as local value created in petroleum industry hit 56%

The Nigerian Content Development and Monitoring Board (NCDMB) has unveiled the 2025 Nigerian Oil and Gas Opportunity Fair (NOGOF), aimed to support the development of local capacities and capabilities in the Nigerian oil and gas industry.

Speaking during a press briefing in Abuja on Wednesday, Felix Ogbe, Executive Secretary, NCDMB, said that the fair serves as a tool to achieve the key objectives of the Nigerian Oil and Gas Industry Content Development Act 2010, which mandates the board to maximise participation of Nigerians in oil and activities in the country.

“One of the goals of NOGOF is to showcase the various opportunities available in the oil and gas industry and foster partnerships that will drive growth and development in the sector.

“The fair provides opportunities for companies in the upstream,midstream, Downstream sectors, as well as other entities to showcase their projects to achieve our national aspirations of increasing gas and crude oil production, boost revenue and meet domestic crude oil and gas supply obligations,” he said.

Speaking further, Ogbe noted that at the 2023 NOGOF, over 100 investment opportunities were presented by companies, adding that some of the projects showcased include the Ubeta and Bonga North which are already being executed.

Ogbe also announced that local content in the petroleum industry currently stands at 56 percent.

In his remarks, Wole Ogunsanya, Chairman, Petroleum Technology Association of Nigeria, (PETAN) commended the board in its efforts towards achieving growth in the Nigerian oil and gas sector.

Ogunsanya noted that local content in the sector is set to grow even more with the recent acquisition of oil and gas assets by Nigerian companies from International Oil Companies, IOCs.

“What it means is that in the ExxonMobil deal, the 40 percent of the oil that used to go to ExxonMobil and they take it outside Nigeria, will now reside in Nigeria. For the SPDC deal, the 45 percent of it, the profit of it, will now be with Renaissance, which is an indigenous company. That is what local content is all about”, he added.