Stakeholders Demand Equity for Oil-Producing States

Stakeholders at the Nigerian Local Content Conference (NLCC) are urging President Bola Tinubu to approve a 20% equity allocation for oil-producing states in Nigeria ahead of the 2026 oil block bid round. The NLCC president, Michael Akuech, emphasized the need for oil-bearing states to have concessions to acquire stakes in oil blocks, which would empower local communities and address the socio-economic challenges they face.

The upcoming bid round will feature 50 oil blocks, with stakeholders advocating for greater youth participation and ownership within the oil and gas value chain. Akuech highlighted that 63% of Nigerians live in multidimensional poverty, with oil-producing states not exempt from this reality.

He called for reforms to ensure that local communities benefit from the resources extracted from their regions, as current structures often exclude them from ownership and decision-making processes. The NUPRC is set to announce the licensing round on December 1, 2025, which presents an opportunity for international investors and local communities to engage in the sector.