NCDMB: Nigeria Attracts Over $10bn Oil, Gas Investments in Three Years on Policy Reforms
By Pan Afric Reporters
Nigeria has attracted more than $10 billion in international oil and gas investments and projects within the past three years, driven by policy reforms, strategic incentives and improved investor confidence, the Nigerian Content Development and Monitoring Board (NCDMB) has said.
The disclosure was contained in a press release issued by NCDMB on November 6, 2026, and signed by its General Manager, Corporate Communications, Dr. Obinna Ezeobi, following the Board’s participation in a Strategic Leadership Roundtable at the 2026 ADIPEC Energy Conference in Abu Dhabi, United Arab Emirates.
Ezeobi, who represented the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, made the disclosure on Wednesday during the high-level roundtable themed “Delivering the Energy the World Needs: Recalibrating Upstream Projects.”
He attributed the investment growth to targeted Executive Orders and strategic incentives introduced by the administration of President Bola Ahmed Tinubu, alongside policy reforms implemented by key industry agencies, including NCDMB, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company Limited (NNPC Ltd).
According to him, the reforms have significantly enhanced investor confidence and improved the competitiveness of Nigeria’s energy sector, leading to major Final Investment Decisions (FIDs).
Ezeobi also identified sustained engagement and partnerships with operating companies and other industry stakeholders as critical factors in advancing major projects and securing investment commitments.
Highlighting the Board’s interventions, he cited the revised Nigerian Content Contracting Guidelines, which have streamlined project approval processes, and the Nigerian Content Equipment Certificate (NCEC) Guidelines, designed to eliminate non-performing intermediary companies and enable Original Equipment Manufacturers (OEMs) to provide services directly for deepwater projects.
He urged international operating and service companies to explore investment opportunities in Nigeria’s oil and gas sector, assuring them of the Board’s commitment to an enabling business environment.
“NCDMB will continue to support an environment in which international investments thrive alongside Nigerian enterprise, where technology transfer leads to stronger domestic capability and major projects create opportunities for local manufacturing, and value addition and companies can compete beyond our borders,” he said.
The roundtable brought together 21 global industry leaders to discuss investment opportunities, project delivery, financing and sustainable growth in the energy industry.
Participants also examined strategies for navigating complex operating environments, diversifying upstream financing, accelerating field assessments, strengthening project delivery mechanisms, increasing hydrocarbon recovery and building a resilient energy future.
The Nigerian delegation included the Managing Director of NNPC E&P Limited, Mr. Nicolas Foucart, and the Managing Director of NNPC 18 Operating Limited, Ms. Ibiyemi Asaolu.
Meanwhile, NCDMB showcased Nigeria’s local content framework and investment opportunities through an exhibition booth at the 2026 ADIPEC Conference, engaging global stakeholders and prospective investors.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, accompanied by PETAN Chairman, Engr. Wole Ogunsanya, visited the Board’s exhibition stand.
Lokpobiri challenged NCDMB to collaborate with key agencies in the Nigerian oil and gas industry to establish a prominent showcase at major international energy conferences and project the country as an attractive investment destination.
