Nigeria Has ‘Nothing to Lose’ as Oil Majors Divest, Says Minister
Nigeria has no reason to fear as international oil companies (IOCs) divest from onshore and shallow water oil fields, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has declared. Speaking at the Nigerian Content Development and Monitoring Board’s (NCDMB) Practical Nigerian Content conference in Yenagoa, Bayelsa State, Lokpobiri dismissed concerns over the exodus of IOCs, emphasising that these moves were strategic relocations rather than departures.
“No company is leaving Nigeria. IOCs are merely transitioning to deep offshore operations, leaving onshore and shallow waters for competent Nigerian firms,” Lokpobiri assured. He highlighted that these vacated assets are being acquired by local operators, signalling progress in local capacity building.
The minister framed the divestments as an opportunity rather than a loss, underlining Nigeria’s gains through royalties, taxes, and local service delivery. “We have achieved significant growth in local content development over the past decade. These divested assets are now in the hands of local communities, showcasing the level of competence we have built,” he said.
Lokpobiri also spotlighted Nigeria’s leadership in local content development across Africa. Recalling the passage of the Local Content Act in 2010, he celebrated the country’s strides in nurturing indigenous capacity in the oil and gas sector. “African countries like Congo, Angola, and Namibia are now approaching us to understudy the NCDMB. This is a testament to our leadership in local content and sustainable growth,” he said.
During a recent visit to South Africa, Lokpobiri noted interest from several African nations eager to replicate Nigeria’s model. “Nigeria has become a beacon for Africa. We are ready to share our experiences and technological advancements to foster the continent’s growth,” he added, while cheekily suggesting that visitors could contribute financially for the privilege: “Not even in Freetown is there a free lunch.”
Urging the NCDMB Executive Secretary, Simbi Wabote, to consolidate on past successes, Lokpobiri stressed the critical role of local content in Africa’s sustainable development. “The entire African continent is watching Nigeria. What is not possible here is not possible in Africa. Our success sets the benchmark for the continent,” he stated.
As Nigeria navigates the energy transition and shifting dynamics in the global oil market, Lokpobiri’s remarks signal a confidence in local operators to sustain and grow the industry amid evolving challenges.
