Key takeaways from NAEC’s 2026 annual conference and matters arising

Nigeria’s biggest energy problem is no longer owning oil and gas assets. Fundamentally, it is getting access and funding for these mineral resources and turning the natural resources into real barrels, real power and real prosperity that has become major challenges.

This position forms part of the views expressed by speakers at the recent annual conference organised by the association of energy correspondents of Nigeria, NAEC under, the theme, “Access to Assets: Empowering Players and Driving Growth,” held on October 8, 2026 in Lagos.

The conference brought together policymakers, regulators, indigenous and international operators, service providers and industry associations, who spoke with one voice: owning an asset does not guarantee commercial success.

Meaningful participation, some of the participants at the conference agreed requires access to capital, technology, infrastructure, markets, skilled personnel and predictable regulation. That message is urgent because Nigerian exploration and production companies have taken on greater responsibilities after international oil companies divested assets and successive licensing rounds opened new blocks.

Yet high entry costs, financing constraints, lengthy approvals and limited access to evacuation infrastructure and technology continue to limit technically qualified indigenous operators.

Some of the conference participants took turn to urge the federal government to as a matter of urgency take steps to remove structural barriers by establishing transparent, predictable and commercially viable processes for asset allocation, licensing and divestment, while ensuring qualified indigenous companies get fair opportunities.

Regulators were asked to strengthen policy consistency by implementing existing laws transparently, cutting administrative delays and giving timely decisions to support long-term investment.

For Austin Avuru, Executive Chairman of AA Holdings, the lesson comes from experience. Acquiring assets will not produce barrels without matching investment, infrastructure and execution capacity. Recalling the effort to build evacuation pipelines, he asked, “Can you imagine how long it took?” Turning assets into production, he said, needs access to gas, infrastructure and, above all, finance.

Indigenous operators were also told to do their part by strengthening corporate governance, financial management and long-term strategies that integrate exploration, reserve replacement, production growth and technological innovation.

On finance, participants cited limited international financing for African hydrocarbons, high borrowing costs and weak project execution as threats to Nigeria’s ambition of three million barrels per day, unless domestic financing improves.

Mrs. Alero Balogun, General Manager, Corporate Communications, Oando Plc, said international lenders are pulling back from African energy because of operating risks, policy inconsistency and regulatory uncertainty. Until Nigeria de-risks its operating environment and mobilises local capital, asset access for indigenous players will stay constrained.

Government and financial institutions were also urged to expand long-term funding and to encourage banks, pension funds and other institutional investors to explore commercially sound opportunities in the sector.

Dr. Obinna Ezeobi, General Manager, Corporate Communications, NCDMB, said over 130 indigenous companies have accessed more than $400 million through the Nigerian Content Intervention Fund. He also cited Project 100, which targets high-potential indigenous firms with capacity development, market access and financial linkages.

On local content, industry estimates show growth from about 5 percent in 2010 to about 61 percent. The next phase, stakeholders say must move to technological ownership and global competitiveness through local manufacturing, research and development, equipment certification and technology transfer.

Dr. Joan Faluyi, Publicity Secretary of PETAN, said as indigenous operators take on more assets, indigenous service companies should be empowered to handle the operations.

On gas, Nigeria’s estimated 215 trillion cubic feet of proven reserves, with opportunities in power, industrialisation, fertiliser, petrochemicals, also formed parts of the talking point at the conference, with participants acknowledging that infrastructure gaps, uncertain commercial arrangements, payment risks and inadequate market access continue to hold back investment.

Participants therefore called for accelerated development of strategic projects such as the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) pipelines, and for coordinated investment to advance the Decade of Gas agenda.

On electricity, the conference said supply problems cannot be resolved by adding generation alone. Gas supply, transmission, distribution, maintenance, metering, revenue collection and payment security must improve together. DisCos were asked to accelerate metering, reduce losses and improve billing transparency with a call
for reliable crude supply and competitive pricing to support domestic refining.

Stakeholders warned that retail prices should not inflict hardship while refiners’ sustainability is factored in, and called for harmonised federal and state regulation to support mini-grids, solar, storage and hybrid systems under the Electricity Act 2023.

It closed with a call for host community development, human capital building through initiatives like the NAPE Academy, and independent, factual reporting to sustain transparency and investor confidence.