Nigeria’s push to shorten oil and gas contracting cycles to six months under the Presidential Executive Order on Local Content has remained stuck between policy intent and project delivery as the Nigerian Content Development and Monitoring Board (NCDMB), the chief implementing agency, has been delaying activating the policy.
THISDAY’s findings showed that till date, the contracting cycle still lasts well longer than the six months period provided by the presidential directive, with attendant disincentive to industry players.
The delay has sparked concern and frustration among industry operators and service companies who warned that it was eroding confidence and slowing investment inflow into the industry that is seriously searching for fresh capital deployment to the sector.
Signed in March 2023, the Executive Order was designed to cut Nigeria’s notoriously long contracting cycle to six months, reduce project costs, and make the country competitive for upstream capital.
The directive mandated NCDMB, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and other agencies to streamline approvals, eliminate duplication, and enforce timelines.
