Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri says the Federal Government is committed to fostering inclusive growth in the oil and gas sector.
He stated this at the opening of the Nigeria Oil and Gas Opportunity Fair, (NOGOF) 2025 at the Nigeria Content Towers in Yenagoa, Bayelsa State.
Senator Lokpobori who is the Chairman, Governing Council of the Nigeria Content Development and Monitoring Board stressed that the Federal Government realizes the need to boost crude oil production to stabilize the nation’s economy, strengthen reserves, enhance energy security and focus on developing Nigerian capacities.
The Minister noted that the President had approved reforms through executive orders that included the Nigeria First policy to re-engineer the nation’s energy value chain in a bid to make it more efficient, inclusive and attractive to local and global investments.
The Minister of State for Petroleum Resources and Gas, Mr. Ekperikpe Ekpo represented by the Permanent Secretary at the Ministry, Dr. Emeka Obi commended the NCDMB for organising the Fair and for growing Nigerian content in the sector from 5% in 2010 to over 54% by the end of 2024.
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Pointing out that the nation’s crude oil production in the first quarter of 2025 averaged over 1.4 million barrels per day which was below OPEC’s quota of 1.8 million while continuing to import refined petroleum products despite having vast proven reserves, he emphasized the need for synergy by key actors to harness the country’s oil and gas resources.
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Executive Secretary of the Nigeria Content Development and Monitoring Board, Engineer Felix Omatsola-Ogbe in a keynote address said the theme of the NOGOF 2025 ‘Driving Investment and Production Growth: Shaping a Sustainable Future for Nigeria’s Oil and Gas Industry Through Indigenous Capacity Development’ was timely as it coincides with the NOGICD Act 2010 which has deepened local participation in the industry.
Governor Douye Diri of Bayelsa State whose remarks was delivered by the Deputy Governor, Senator Lawrence Ewhrudjakpo stated that the quest to achieving Nigerian content should focus more on human capacity development while calling on the National Assembly to review the Petroleum Industry Act and the onshore Divestment process in the oil and gas industry in which the State government are excluded from playing major roles.
Earlier the Chairman House of Representatives Committee on Local Content, Boma Goodhead and the Special Adviser to the President on Energy, Mrs. Olu Verheijen said there was need to build a globally competitive oil and gas sector in the country that would also enhance in-house capacity and create opportunities for Nigerian players to thrive as well as an energy industry that work for the citizens.
