More than $6 billion in onshore and shallow-water assets have been divested by international oil companies (IOCs) in Nigeria, due to security risk and global shift towards cleaner energy, since the advent of Petroleum Industry Act (PIA) in 2021.

Partner, PwC Nigeria, Pedro Omontuemhen, made the claim at the Lagos Chamber of Commerce and Industry (LCCI) ‘Economic Outlook for Year 2026’ lecture, held in Lagos.

Speaking on: “Nigeria’s Oil & Gas Sector Performance Outlook: Trends, Challenges and Prospects”, Omontuemhen, identified continued divestment of assets by IOCs and the coming on board of Dangote Refinery as some of the factors responsible for the rising dominance of indigenous companies in the sector.

He stated that the advent of Dangote Refinery has fundamentally shifted the country from fuel importer to a self-sufficient refiner, with indigenous companies now enjoying 55 percent of oil production share, as against IOCs’ 45 percent.

He, however, lamented that despite its centrality to the nation’s economic growth, the oil and gas sector remains constrained by security risks, infrastructure gaps, and softer investment conditions.

According to him, since 2016, the country has only attracted four percent of total oil and gas investments in Africa, despite holding 33 percent of the continent’s gas reserves, while major oil companies have committed over $82 billion to projects in other countries since the country’s last deepwater project reached Final Investment Destination (FID) in 2013.

Copyright © 2026 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).