Nigeria has been celebrating a remarkable transformation in its oil and gas company register with the number of upstream operators rising from less than 10 in 2010 to 117 today, while local content jumped from less than 5 per cent to the current 61 per cent. But this growth has not impacted the country’s oil production numbers as decline and stagnation still persist, Peter Uzoho writes.
At a recent summit in Lagos, the Nigerian Content Development and Monitoring Board (NCDMB) revealed to industry stakeholders that the country now has 117 operating companies in the upstream sector of the country’s oil and gas industry, up from fewer than 10 in 2010.
The agency also disclosed that Service companies have surged to 11,764 and that Local content, which was less than five per cent in 2010, now stands at 61 per cent as of 2025.
Acting Manager, Midstream Monitoring at NCDMB, Mr. Patrick June, who reeled out the figures, credited the success to the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, meaning that by all accounts, the Act has achieved its core mandate: putting Nigerians at the center of the value chain.
To the NCDMB, the numbers tell a success story: the 117 operating companies have created 11,934 direct jobs, while 11,764 service firms account for 129,240 jobs.
