Nigeria Oil Industry Sees Major Boom as Local Content Policy Drives 117 Operating Firms
Nigeria’s oil and gas industry is undergoing a major transformation as local content policies continue to reshape the sector and expand indigenous participation. Officials say the number of operating oil firms in the country has jumped from fewer than 10 before the policy to about 117 today, marking a significant shift in ownership and participation within the industry.
The update was shared at the 2026 Nigerian Oil and Gas Midstream and Downstream Summit held in Lagos, where regulators, lawmakers, investors, and industry stakeholders gathered to discuss strategies for boosting local capacity. The summit focused on strengthening Nigerian participation across refining, gas processing, petrochemicals, logistics, and manufacturing.
According to the Nigerian Content Development and Monitoring Board (NCDMB), local content performance has risen sharply from less than 5 percent in 2010 to about 61 percent in 2025. Acting Manager of Midstream Monitoring, Patrick June, also revealed that this growth has created 11,934 jobs and expanded the number of registered companies across the value chain, including thousands of service firms, fabrication yards, and engineering companies.
Industry leaders at the summit noted that Nigeria is gradually shifting from being mainly a crude oil exporter to becoming a more diversified energy producer with stronger local refining and gas processing capacity. The Executive Secretary of the NCDMB, Felix Ogbe, highlighted major investments such as the Dangote Petroleum Refinery as key examples of the country’s industrial growth and increasing self-sufficiency.
Stakeholders also emphasized that the future of Nigeria’s oil and gas industry lies in the midstream and downstream sectors, including pipelines, storage, gas distribution, petrochemicals, and retail operations. While acknowledging progress under the Petroleum Industry Act, officials stressed that stronger implementation and collaboration are needed to ensure that Nigerian content translates into real economic capacity and long-term national development.
source: punch