A HARVEST OF NEW OIL AND GAS INVESTMENTS

MACARTHUR EDEM writes that NCDMB played significant roles in the $30bn expected investments

The Nigerian oil and gas industry has been buzzing in the last few days over the announcement made by the Global Chief Executive Officer of Shell, Mr. Wael Sawam at last week’s visit to President Bola Tinubu, that the international oil company would invest $20bn in the Bonga South West deep water project.

This is coming on the heels of the same company’s final investment decision (FID) on the $5bn Bonga North deepwater project in December 2024. Even more recent is Shell Nigeria Exploration and Production Company (SNEPCo) investment of $2bn HI Field Gas project, in partnership with Sunlink Energies and Resources Limited in October 2025. A similar recent investment is TotalEnergies $500m UBETA Gas project, that took FID in September 2024.

The role of the Nigerian Content Development and Monitoring Board (NCDMB) in enabling this latest investment and many other projects cannot be over emphasised.

By adapting the three new Presidential Directives, otherwise known as Executive Orders (Eos) on the oil and gas industry and developing new Nigerian Content contracting guidelines, NCDMB played significant roles in the harvests of nearly $30bn new investments.

The avalanche of new oil and gas investments in the last two years of President Bola Ahmed Tinubu’s administration signposts the return of confidence by the international community and favourable investment climate. Evidently, the roll out of three Executive Orders (EOs) by President Tinubu in March, which offered incentives and clarified application of local content laws unlocked new capital in the sector.

Under the leadership of Engr. Felix Omatsola Ogbe, (NCDMB) has been the path of steady, strategic delivery — with laser focus on enabling projects and a blend of policy fidelity, practical interventions. Recently the Board has adopted an increasingly visible community-focused orientation that repositions local content as a national development engine rather than a purely industrial metric.

In catalysing new projects, NCDMB ensures that Nigerian Content opportunities are maximised, in line with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. While granting waivers where applicable, the Board ensures that competent local service companies execute key scopes of projects and existing capacities are utilised and jobs are created. The Board also guarantees that these major projects impact and grow the local economy significantly, while creating new legacy capacities in the sector.

As NCDMB enters its 16th year in 2026, the Board under Ogbe’s leadership reflects the evolution of an institution that has significantly expanded Nigeria’s footprint in the oil and gas sector and is now deepening its commitment to shared prosperity in both industry and communities.

A key indicator of progress is the rise in Nigerian Content levels, which climbed to about 61% across monitored projects in 2025 — a figure reflecting broader domestic participation in goods, services and skilled labour. This result underscores multiple elements of Ogbe’s approach: targeted financing, systematic capacity building, and the innovative, inclusive deployment of presidential directives to reduce contracting cycles and prioritize indigenous capability.

Financing and industrial scale-up remain foundational. Under Ogbe, NCDMB in December 2025 launched a $100 million Equity Investment Scheme — part of the broader Nigerian Content Intervention Fund — designed to provide growth capital to indigenous oil and gas service companies with demonstrable potential. Complementary initiatives, including partnerships around the Africa Energy Bank and other development finance institutions, are helping Nigerian firms secure the long-term capital required to compete for larger, more technically complex projects.

Ogbe has also distinguished himself in translating presidential directives into impactful operational reforms. The Board’s recalibration of contracting cycle guidelines and compliance frameworks reflects an innovative and inclusive application of the 2023 Presidential Directives on Local Content. These adjustments align seamlessly with the Tinubu administration’s national economic strategies — particularly the 8-Point Agenda — by shortening procurement timelines, eliminating redundant layers, and encouraging genuine technology transfer and value retention within Nigeria. Ogbe’s leadership style avoids confrontation in favour of structured engagement and practical collaboration with industry operators.

Yet one of the most consequential shifts in Ogbe’s era is the renewed commitment to communities. The Board’s Community Contractors Scheme, along with its “Back-to-the-Creek” and outreach programmes, has meaningfully expanded local participation. Through micro-contracts, grassroots procurement, and targeted empowerment initiatives, communities are being woven directly into the local content value chain. By 2025, dozens of community contractor disbursements had been recorded — a signal that the Board is intentionally ensuring that local content is not an abstract policy but a lived experience for host populations.

This community-centred focus is not a departure from NCDMB’s industrial mission; it is a necessary and overdue complement to headline initiatives. Industrial growth is unsustainable without local supply chains, trained labour, and community ownership. By bridging boardrooms and communities, Ogbe is shaping a more resilient local content ecosystem.

Human capacity development has also expanded. Training programmes — covering vocational, technical, and industry-specific skills — have collectively delivered millions of training man-hours across thousands of beneficiaries since the Board’s inception, with new emphasis under Ogbe on workplace readiness. Models such as the 60-20-20 training structure ensure that learning outcomes directly translate into field competence. This investment strengthens indigenous firms, reduces expatriate dependence, and equips Nigerians to fill emerging roles associated with project final investment decisions.

Beyond these, other important accomplishments include the institutional strengthening of the Nigerian Content Academy, the continued evolution of the Hackathon as a pipeline for digital innovation, and ongoing growth of the Nigerian Oil and Gas Opportunity Fair (NOGOF) as a reliable marketplace connecting indigenous suppliers to upcoming projects. These initiatives reinforce NCDMB’s role as an enabler of competitiveness, innovation, and sustainable participation.

Notably, Ogbe’s leadership is characterized by quiet effectiveness. He is not one for theatrics or self-congratulation; instead, he allows the Board’s performance — Nigerian firms empowered, communities engaged, policies implemented, and investment unlocked — to speak on his behalf. This measured temperament is well suited for complex institutional work that requires clarity, stability, and trust.

It is also important to acknowledge the hardworking management team and dedicated staff of NCDMB, whose professionalism and commitment have been central to supporting Ogbe’s agenda. Their collaborative effort ensures that strategic direction is translated into operational results across the Board’s departments, projects and partner engagements.

As NCDMB enters into its 16th year, the story of Nigerian Content is one of evolution: from early policy foundations to robust industrial growth, and now to a more balanced and community-connected phase. Under Felix Ogbe’s thoughtful stewardship — and with the unwavering support of his team — the Board continues to champion a vision where local content strengthens industries, empowers people, and contributes meaningfully to Nigeria’s broader economic transformation.

Prince Edem is a public affairs analyst