Business
Petroleum Sector Local Content Now 56% – NCDMB
The Nigerian Content Development and Monitoring Board (NCDMB) has announced that local content in the petroleum industry has now reached 56 per cent.
It further said ongoing reviews is likely to further enhance this figure.
The NCDMB Executive Secretary, Felix Ogbe, disclosed this at a press conference to announce the fifth edition of the 2025 Nigerian Oil and Gas Opportunity Fair, scheduled to be held in May 21 and 22 in Yenagoa, Bayelsa State.
Ogbe said the board is focused on attracting new local investments into Nigeria’s oil and gas sector, with expectations for more opportunities arising from the three Presidential directives on the industry.
These directives, Ogbe said, have played a pivotal role in unlocking fresh investments and driving growth in the sector.
He said, “We are glad to mention that with our efforts, the level of local content in the oil and gas sector in Nigeria has reached 56 per cent as of the last count we had.
“The review is ongoing right now to enable us to determine where we are in terms of the percentage of local content we have achieved up to date. So the last count is 56 per cent of local value created.”
He explained that at the 2023 NOGOF, over 100 investment opportunities were presented by companies, adding that some of the projects showcased at the event were the Ubeta and Bonga North, which have been executed.
According to Ogbe, “NOGOF provides opportunities for companies in the upstream, midstream and downstream sectors to showcase their upcoming projects.
“The aim is to achieve our national aspirations of increasing gas and crude oil production, boosting revenue, and meeting domestic crude oil and gas supply obligations.
“This enables service companies, manufacturers, oil and gas trainers, and job seekers to invest in facilities and capabilities that will domicile most of the activities in the country”.
Speaking at the event, the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Wole Ogunsanya, praised the role NCDMB has played in growing the oil and gas value chain in the country.
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 and IOCs.
“What it means is that in the ExxonMobil deal, the 40 per cent of the oil that used to go to ExxonMobil and they take it outside Nigeria, will now reside in Nigeria.
“For the SPDC deal, 45 per cent of its profit will now be with Renaissance, which is an Indigenous company. That is what local content is all about”, Ogunsanya stressed.
The biennial event, used to meet the key objectives of the Nigerian Oil and Gas Industry Content Development Act 2010, is themed “Driving Investment and Production Growth: Shaping a Sustainable Oil and Gas Industry through Indigenous Capacity Development.”
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The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.
The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.
Ogan stated that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.
He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.
According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.
Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.
He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.
NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.
He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.
Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.
He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.
Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.
He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.
According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.
To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.
King Onunwor
The Management of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.
NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.
The Managing Director NPA, Dr Abubakar Dantsoho, stated this during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
Dantsoho said the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.
According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and
N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).
The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”
Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.
“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.
“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.
On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).
“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.
Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.
“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.
Chinedu Wosu
Nigeria Police Force has disbursed a total of ?21,678,120 to the deceased police officers families in Rivers State as part of ongoing welfare interventions by the force.
The gesture formed a major highlight of the activities marking the 2026 National Police Day celebration in the state, underscoring renewed institutional focus on personnel welfare and post-service support systems.
The Commissioner of Police, Olugbenga Adepoju, who presided over the cheque presentation ceremony, said the initiative reflects the Force’s commitment to honouring officers who paid the ultimate price in their line of duty.
He explained that the financial support is designed to cushion the economic burden faced by bereaved families, while also reinforcing confidence among serving personnel about the Force’s long-term welfare structure.
Adepoju conveyed the sympathy of the leadership of the Nigeria Police Force to the beneficiaries, noting that the sacrifices of fallen officers remain invaluable to national security and public safety.
The police boss further stressed that sustained welfare interventions are critical to boosting morale, enhancing productivity, and strengthening institutional loyalty within the Force.
He reiterated that the welfare scheme aligns with broader reforms aimed at repositioning the Nigeria Police Force as a responsive and people-oriented institution.
Beneficiaries of the cheques commended the Inspector-General of Police, Olatunji Rilwan Disu, for prioritising the welfare of officers and their families through consistent and impactful interventions.
They described the initiative as timely and compassionate, noting that it would go a long way in alleviating financial pressures arising from the loss of their loved ones.
The families also acknowledged ongoing reforms under the current police leadership, which they said have strengthened trust, improved service delivery, and enhanced the overall image of the Force.
The Rivers State Police Command reaffirmed its commitment to sustaining similar initiatives as part of efforts to uphold the dignity, sacrifice, and legacy of officers who served the nation with distinction.
King Onunwor
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