Oil & Energy
Firm Set To Comply With Local Content Requirements
Ernst & Young Nigeria has said it is poised to seek urgent solutions to many challenges faced by players in the oil and gas industry while complying with the Nigerian content requirements as contained in the Nigerian Oil and Gas Industry Content Development Act.
The firm said in a statement on Friday that a roundtable breakfast session, tagged ‘The challenges of complying with the Nigerian content requirements and suggested solutions,’ was being organised to hold this week in Lagos.
It said the event would bring together industry experts and stakeholders for robust discussions on the compliance requirements of NOGICD Act with suggestions on strategies towards achieving full compliance by relevant companies.
A Partner and Head, Business Tax Services, Temitope Samagbeyi, said the event would complement the efforts of the Nigerian Content Development and Monitoring Board in expounding on the relevant sections of the NOGICD Act “as it pertains to the oil and gas sector of the Nigerian economy.”
The oil and gas sector leader at the firm said the NCDMB had made decent improvement in the Nigerian content within the oil and gas sector.
“In 2018, the NCDMB rolled out a 10-year strategic road map, which was designed to grow the aggregate Nigerian content in the sector to about 70 per cent (this is about 26 per cent in 2018) by the fourth quarter of 2027; generate 300,000 jobs within the sector and retain $14bn (this is $5bn as of 2018) in-country from the sector’s annual spend,” he added.
According to Samagbeyi, the breakfast session will highlight the challenges currently being faced while complying with the Nigerian Content requirements; discuss the implications of the 10-year strategic road map and how companies can take advantage of the opportunities that abound.
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Digital Technology Key To Nigeria’s Oil, Gas Future

Experts in the oil and gas industry have said that the adoption of digital technologies would tackle inefficiencies and drive sustainable growth in the energy sector.
With the theme of the symposium as ‘Transforming Energy: The Digital Evolution of Oil and Gas’, he gathering drew top industry players, media leaders, traditional rulers, students, and security officials for a wide-ranging dialogue on the future of Nigeria’s most vital industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, highlighted the role of digital solutions across exploration, drilling, production, and other oil services.
Represented by the Vice Chairman, Obi Uzu, Ogunsanya noted that Nigeria’s oil production had risen to about 1.7 million barrels per day and was expected to reach two million barrels soon.
Ogunsanya emphasised that increased production would strengthen the naira and fund key infrastructure projects, such as railway networks connecting Lagos to northern, eastern, and southern Nigeria, without excessive borrowing.
He stressed the importance of using oil revenue to sustain national development rather than relying heavily on loans, which undermine financial independence.
Comparing Nigeria to Norway, Ogunsanya explained how the Nordic country had prudently saved and invested oil earnings into education, infrastructure, and long-term development, in contrast to the nation’s monthly revenue distribution system.
Chief Executive Officer (CEO) and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Using, represented by the Secretary of the Association, Ms Ogechi Nkwoji, highlighted the urgent need for stakeholders and regulators in the sector to embrace digital technologies.
According to him, digital evolution can boost operational efficiency, reduce costs, enhance safety, and align with sustainability goals.
Isong pointed out that the downstream energy sector forms the backbone of Nigeria’s economy saying “When the downstream system functions well, commerce thrives, hospitals operate, and markets stay open. When it fails, chaos and hardship follow immediately,” he said.
He identified challenges such as price volatility, equipment failures, fuel losses, fraud, and environmental risks, linking them to aging infrastructure, poor record-keeping, and skill gaps.
According to Isong, the solution lies in integrated digital tools such as sensors, automation, analytics, and secure transaction systems to monitor refining, storage, distribution, and retail activities.
He highlighted key technologies including IoT forecourt automation for real-time pump activity and sales tracking, remote pricing and reconciliation systems at retail fuel stations, AI-powered pipeline leak detection, terminal automation for depot operations, digital tank gauging, and predictive maintenance.
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