Stakeholders Seek 20% Equity Window In 50 Oil Blocks Licensing Round

Major players in Nigeria’s extractive industry have called for the creation of a 20 per cent equity participation window for Nigerians in the ongoing 50 oil blocks licensing round.

They were advertised by the Nigerian Upstream Petroleum Regulatory Commission.

The stakeholders said the move would deepen local ownership and broaden access to strategic national assets.

The call was made during a world press briefing ahead of a national conference scheduled for 24th April in  Abuja.

The convener of the Nigerian Local Content Conference and the Africa Commodities Conference and Exhibition, Michael Akueche, said a structured equity allocation in bids for the 50 oil blocks would enable millions of Nigerians to participate directly in the oil and gas sector through cooperatives, partnerships and limited liability companies.

Akueche said the proposal, championed through Mica Equity Allocation Limited, was designed to organise households, youths, women and cooperative groups into investment platforms that could participate alongside bidding firms.

He also linked the proposals to what he described as potential nationwide support of 12 million votes for President Bola Ahmed Tinubu if the reforms are embraced.

According to him, seven million votes could come from incorporating a 20 per cent equity allocation for Nigerians in bids submitted for the 50 oil blocks licensing round.

He added that another two million votes could be realised through the award of oil blocks to oil- and gas-producing states and host communities.

Akueche further said that three million votes could emerge from the expansion and establishment of cooperatives, business name partnerships, and limited liability companies, enabling a larger number of Nigerians to participate in the solid minerals industry.

He argued that the proposals would not only widen ownership but also help reduce poverty, create jobs and strengthen inclusion in critical sectors of the economy.

The convener maintained that oil-producing communities, which bear much of the environmental and social impact of extraction, should have stronger access to ownership opportunities and decision-making structures in the industry.

He also commended efforts to reduce entry barriers for indigenous players, noting that lower signature bonus requirements could encourage more Nigerian investors to compete effectively.

During the question-and-answer session, Chukwudi George Ozalla said technical partnerships remained a practical pathway for inclusion, stressing that capacity gaps should not be used as a reason to exclude local participants.

He said collaboration with experienced operators would promote knowledge transfer and progressive participation over time.

The conference later this week is expected to bring together policymakers, technical experts and industry stakeholders to examine ways of expanding Nigerian participation in oil, gas and solid minerals value chains.