Business
Stakeholders Insist on Accountability, Growth for Host Communities
Stakeholders in Nigeria’s oil and gas sector have called for stronger accountability, inclusive development, and effective implementation of the Petroleum Industry Act (PIA) to ensure host communities benefit meaningfully from oil exploration activities.
The call was made during the 2nd KEFFESO Host Communities Development Trust (KHCDT) Stakeholders Forum held in Yenagoa, Bayelsa State, where community leaders, government officials, and industry players stressed the need for collaboration to drive sustainable development.
In his welcome address, chairman of the KHCDT Board of Trustees, His Royal Highness Moses Theophilus, said the forum provides a platform for dialogue and practical solutions to challenges facing host communities.
He noted that while the PIA has created opportunities for development, there are still gaps in areas such as employment, community participation, and capacity building that require urgent attention.
Theophilus stressed that development should go beyond infrastructure to include sustainability, inclusiveness, and long-term impact, adding that communities must take ownership of projects for lasting benefits.
He also called for stronger partnerships among stakeholders to avoid duplication of efforts and ensure that development initiatives are well coordinated and impactful.
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He said: “This forum continues to serve as a vital platform for dialogue, reflection, and collective action towards the sustainable development of our host communities.
“We must move beyond short-term interventions and embrace long-term thinking. We must ensure that our projects are not only executed, but also maintained, owned, and beneficial to future generations.”
Also speaking, representative of the Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), Dr. Abdulmalik Halilu, said local content development is closely linked to host community development.
He explained that building local capacity through skills development, entrepreneurship, and infrastructure will help communities actively participate in the oil and gas value chain.
Halilu said the PIA provides a clear framework for structured and sustainable development through the Host Community Development Trust, which is funded by a percentage of operating revenue.
He added that transparency and accountability are key to ensuring that resources allocated to communities deliver real results and improve livelihoods.
He said: “The Petroleum Industry Act provides a clear and transformative framework for host community development. Host communities are vital stakeholders and their development must be structured, predictable, and sustainable.
“Through the PIA, the host communities are not just goodwill gestures. They are institutional vehicles designed to deliver long-term benefits for communities.”
In his remarks, Governor Douye Diri, represented by the Commissioner for Mineral Resources, Barrister Peter Afagha, said the forum is important for strengthening relationships between communities and operators.
He noted that visionary leadership, accountability, and inclusive growth are essential for achieving lasting development in host communities, adding that the state government has prioritised people-centred development, transparency, and economic growth, which have contributed to peace and stability in the state.
He also highlighted ongoing infrastructure projects as evidence of what effective leadership and accountability can achieve.
He said: “The theme chosen for this forum speaks directly to the fundamentals of good governance and the practical necessities of development in host communities. Vision without accountability is hollow. Accountability without vision is aimless. It is the combination of the two that produces lasting progress.”
Also, the Chief Executive Officer of First Exploration and Petroleum Development Company Limited (First E&P), Mr. Ademola Adeyemi, said the success of the Petroleum Industry Act (PIA) framework depends largely on transparent governance, disciplined execution of projects, and meaningful involvement of women, youths, and vulnerable groups in decision-making processes.
He said: “As we have learned from experience, legislation alone does not deliver development. It is the quality of leadership, the strength of institutions and the depth of accountability that ultimately determine outcomes.
“Visionary leadership must be matched with accountability frameworks that build and sustain trust. Inclusivity must go beyond representation to meaningful participation, particularly for women, youth and vulnerable groups.”
Adeyemi also reaffirmed First E&P’s commitment to supporting host communities through sustainable development initiatives, stressing that the company’s partnership with KEFFESO HCDT is built on responsibility and long-term impact beyond regulatory obligations.
Lagos State Governor, Babajide Sanwo-Olu, has called for stronger international investment partnerships as he pitched Lagos as a strategic gateway for global investment into Africa.
Sanwo-Olu made the call while speaking at the Global Africa Business Initiative’s Unstoppable Africa 2026 in New York, where global business leaders, investors, policymakers and heads of government gathered to discuss ways of strengthening African businesses and expanding the continent’s economies.
The 2026 edition of the event was held on September 20 and 21 at the New York Marriott Marquis, on the sidelines of the opening of the 81st United Nations General Assembly.
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The governor highlighted Lagos’ large population, expanding market, infrastructure needs, entrepreneurial ecosystem and strategic position as key factors that create opportunities for investors seeking to participate in Africa’s economic growth.
Sanwo-Olu stressed that Lagos’ growing global relevance should translate into tangible benefits for residents through investments in infrastructure, transportation, healthcare, enterprise development and other sectors.
He said the state remained open to international capital, strategic partnerships and private-sector participation, with the goal of building partnerships capable of delivering measurable economic value across Lagos.
According to the governor, Lagos is pursuing a development agenda that combines long-term economic growth with efforts to address the everyday needs of its residents while creating an environment where businesses can establish, expand and compete.
A key feature of the governor’s presentation was the promotion of Invest Lagos, the flagship investment promotion initiative of the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.
The engagement followed the successful Invest Lagos 3.0 summit held in Lagos in June under the theme, “Lagos: The Business Gateway to Africa.”
The summit brought together global investors, policymakers, development institutions and business leaders to explore opportunities in infrastructure, manufacturing, technology, trade, finance and the creative economy.
Sanwo-Olu’s participation at Unstoppable Africa 2026 further provided an international platform for Lagos to showcase its investment opportunities and seek partnerships aimed at attracting global capital to the state.
The Nigerian equities market closed Friday’s trading session on a negative note, with the All-Share Index declining by 0.38 per cent to close at 252,113.41 points.
According to the Nigerian Exchange Group’s Daily Market Snapshot for Friday, September 25, 2026, equity market capitalisation stood at ₦163.65 trillion, representing a 0.01 per cent decline.
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The fixed-income market capitalisation also fell by 0.01 per cent to ₦58.74 trillion, while the market capitalisation of Exchange-Traded Products (ETPs) declined by 2.15 per cent to ₦57.77 billion.
Meanwhile, the top five gainers were led by a stock that rose 10 per cent to close at ₦17.60, followed by CMFC, which gained 9.76 per cent to ₦3.26. Briscoe rose 9.74 per cent to ₦10.70, ABC Transport gained 9.68 per cent to ₦5.10, while Royal Exchange increased by 9.09 per cent to ₦1.08.
The figures were contained in the NGX Daily Market Snapshot released at the close of trading on Friday.
More than 100 Chinese original equipment manufacturers are being wooed for investment, technology and manufacturing capacity to aid growth in Nigeria’s oil and gas industry.
The Nigerian Content Development and Monitoring Board (NCDMB) made the disclosure through its Director, Project Certification and Authorisation Division and Senior Technical Adviser to the Executive Secretary, Austin Uzoka.
This was detailed in a statement issued by the Board which stated that Uzoka was representing the Executive Secretary, Felix Ogbe, at the 15th China Shale Oil and Gas Summit in Chengdu, China, where he made the disclosure.
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According to Ogbe, the board was seeking to move the relationship between Nigerian oil and gas operators and Chinese manufacturers beyond the conventional buyer-seller model to investment, manufacturing, technology transfer and integration into global supply chains.
He said the Nigerian Oil and Gas Content Development Act (NOGCDA) guaranteed patronage for oil and gas equipment manufacturing facilities established in Nigeria, adding that such investments could also provide access to opportunities across the Gulf of Guinea.
“We are looking beyond the traditional buyer-seller relationship. What can we build together? We want Chinese companies to see Nigeria not simply as a market for their products, but as a strategic investment destination, a platform for manufacturing and technology development, and a gateway to opportunities across the wider African market,” he said.
He highlighted the Nigerian Oil and Gas Park Scheme (NOGPS) as a platform for Chinese original equipment manufacturers to establish manufacturing, assembly and service operations in Nigeria.
He said the scheme would provide opportunities for technology transfer, technical arrangements and the integration of Nigerian businesses into the supply chains of Chinese companies.
The ES also identified China’s capabilities in manufacturing, engineering, technology and energy infrastructure as areas that could support Nigeria’s industrial development.
“China has developed tremendous capabilities in manufacturing, engineering, technology and energy infrastructure. We want to explore how those capabilities can be connected with the opportunities that exist in Nigeria, for mutual benefits,” he added.
Nigeria’s local content policy had evolved from increasing Nigerian participation in oil and gas projects to a broader industrial development agenda focused on manufacturing, technology ownership and global competitiveness, he pointed out.
“Nigeria’s local content journey has evolved significantly since the local content law was enacted in 2010. What began primarily as an effort to increase Nigerian participation in the oil and gas industry has developed into a broader industrial development agenda focused on building capabilities, deepening manufacturing, promoting technology ownership and positioning Nigerian businesses to compete within regional and global markets,” he observed.
The engagement formed part of Nigeria’s participation in the 15th China Shale Oil and Gas Summit, held from September 20 to 23 at the Chengdu Century City International Conference Centre.
The summit, themed ‘Empowering Efficient and Green Development via Intelligent Technologies, Innovating to Lead the Shale Oil and Gas Revolution’, provided a platform for Nigerian oil and gas stakeholders to showcase investment opportunities in manufacturing, technology and oil and gas services.
According to the NCDMB, several Chinese OEMs expressed interest in exploring business relationships with Nigerian companies and participating in the country’s growing oil and gas manufacturing ecosystem.
In her closing remarks, the General Manager, Midstream, PCAD, Ms Lekoma Phimia, urged stakeholders to build on the connections established at the session to develop commercially viable and sustainable business relationships.
The NCDMB also used the exhibition to provide prospective investors and industry players with information on Nigeria’s oil and gas sector, local content opportunities and avenues for establishing operations in the country.
The board said the Chengdu engagement was part of efforts to expand Nigeria’s international industrial connections and advance the objectives of the Nigerian Oil and Gas Industry Content Development Act (NOGICDA).
It added that its focus was to move the local content agenda from participation to capability, manufacturing, and ultimately technology ownership and regional competitiveness.
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