Minister Lokpobiri Reaffirms FG’s Commitment To Strengthening Local Content And Attracting New Investments In The Oil Sector
The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, Ph.D, has reiterated the Federal Government’s commitment to deepening local content, enhancing in-country value retention, and creating a more robust investment climate for Nigeria’s oil and gas industry. He made these remarks during his address at the recently held Practical Nigerian Content (PNC) Forum organized by the Nigerian Content Development and Monitoring Board (NCDMB) in Bayelsa State.
Speaking at the event themed “Securing Investment, Strengthening Local Content and Scaling Energy Production,” the Minister emphasized the central role of local content in advancing national development. He highlighted that the local content initiative has been instrumental in empowering indigenous companies to compete effectively across the industry’s value chain. According to him, “local content remains one of the most reliable platforms through which we can retain value within the country, expand local participation, and ensure that Nigerians derive maximum benefit from activities within the oil and gas sector.”
Sen. Lokpobiri also highlighted the importance of compliance with local content requirements, especially the mandatory allocation of a specified fraction of employment opportunities exclusively for Nigerians. He stressed that operators must adhere strictly to this provision, noting that such compliance is vital for job creation, skills development, and national economic growth.
He expressed appreciation for the strategic role of the NCDMB in driving the implementation of local content policies. However, he reminded the Board of its broader responsibility in fostering an enabling business environment. “The NCDMB must be seen as a facilitator and enabler of business. They are expected to drive investment, support growth, and sustain interventions that promote the full participation of our indigenous companies,” he stated.
Highlighting ongoing reforms in the oil and gas sector, the Minister noted that President Bola Ahmed Tinubu’s administration has embarked on transformative initiatives aimed at improving the regulatory environment, boosting investor confidence, and accelerating the development of new projects. He pointed out that attracting fresh investments remains central to the nation’s economic agenda. In his words, “under the leadership of President Tinubu, we are institutionalizing reforms that will attract investors and reposition our sector for sustainable growth.”
He further stressed that prioritizing new projects is essential because such developments unlock several national benefits. “Only with new projects shall we create new jobs, expand local capacity, stimulate ancillary industries, transfer essential technology, and strengthen the resilience of our economy,” the Minister noted.
A release by Nneamaka Okafor, Media and Communication aide to the Minister of State for Petroleum Resources (Oil), says Sen. Lokpobiri reaffirmed that the NCDMB holds a critical mandate at this critical moment in the sector’s evolution. He called for support from all stakeholders to enable the Board deliver on its responsibilities. “The NCDMB must remain firm on its policies, and every industry player must support the Board in ensuring that the objectives of local content development are fully realized,” he affirmed.
The Minister concluded by reiterating the Federal Government’s commitment to working collaboratively with industry stakeholders to sustain growth, deepen local participation, and secure a prosperous future for Nigeria’s energy sector.