The Nigerian Content Development and Monitoring Board (NCDMB) has unveiled a $100 million Equity Investment Scheme as part of several new measures aimed at strengthening indigenous participation and technical capacity in Nigeria’s oil and gas industry. The announcement was made by the Executive Secretary of the Board, Engr. Felix Omatsola Ogbe, during his keynote address delivered on the opening day of the 14th Practical Nigerian Content Forum, which ended on Thursday.
The forum was attended by a high profile audience made up of three ministers of state, members of Local Content Committees in the National Assembly, a representative of the Bayelsa State Governor, the Special Adviser to the President on Energy, two former Executive Secretaries of the NCDMB, the Managing Director of the Bank of Industry, as well as major industry leaders and operators. The presence of this delegation highlighted the relevance placed on local content implementation across the energy sector.
According to Engr. Ogbe, the newly unveiled $100 million Equity Investment Scheme is designed to “provide equity financing to high-growth indigenous energy service companies, while diversifying the income base of the Nigerian Content Development Fund (NCDF).” He emphasised that the initiative was created to stimulate scale development among Nigerian companies offering services within the oil and gas space.
To drive implementation, a memorandum of understanding (MOU) was signed between the Executive Secretary of the NCDMB and the Managing Director of the Bank of Industry, Dr. Olasupo Olusi, to oversee the management of the scheme. The fund represents a new product under the Nigerian Content Intervention Fund (NCI Fund), and operational frameworks are expected to leverage BOI’s long standing investment experience.
During his address, Engr. Ogbe also revealed that the Nigerian Content level in the oil and gas sector has reached 61 per cent by the third quarter of 2025 based on projects monitored by the Board. He stated that this achievement reflects a maturing industry and continuous compliance with local content guidelines.
He further announced that the Board is preparing to onboard a new set of Project 100 Companies after successful outputs recorded under the first phase. The earlier set, launched in 2019, benefitted from targeted interventions and is scheduled for exit in April 2026. Project 100 Companies is an initiative of the Ministry of Petroleum Resources and the NCDMB designed to nurture 100 indigenous companies through structured capacity development, access to market opportunities, and tailored support to enhance competitiveness.
The Executive Secretary noted that the Board has concluded preparations to launch the NCDMB Technology Challenge in the first quarter of 2026, while a Research and Development Fair is expected to be held in the second quarter of the same year. He disclosed that the Board will also review its seven current guidelines between the first and second quarter of 2015.
Engr. Ogbe said the Board has finalised the framework for issuing the NCDF Compliance Certificate, which will serve as proof that companies have complied with the 1 per cent remittance obligation under the NCDF. The certificate will become effective from 1st January 2026 and will be required by companies seeking to obtain critical permits and approvals from the Board to operate in the oil and gas sector.
Among its recent accomplishments, he stated that the Community Contractors Scheme recorded more than 94 disbursements in 2025, marking wider access to funding for indigenous contractors at community level. He added that the Nigerian Content Academy has begun functioning as a full division within the Board and has organised seven lecture series covering key industry issues.
Speaking on human capacity development, Engr. Ogbe explained that the Board has rolled out its Oil and Gas Field Readiness Training Programme targeted at the top 10 skills in high demand. The training was introduced in response to increased final investment decisions (FIDs) on major oil and gas projects and over 20 Field Development Plans recently approved by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). He said the initiative ensures that local manpower is adequately positioned for upcoming oil and gas developments.
He also highlighted the progress of the multibillion naira Oloibiri Museum and Research Centre (OMRC) in Otuabagi, Ogbia Local Government Area of Bayelsa State. The project commenced after a contract was signed between Julius Berger Plc and OMRC Limited in December 2024, followed by mobilisation to site in July 2025. Jointly funded by the Petroleum Technology Development Fund (PTDF), NCDMB, Renaissance Africa Energy Limited (formerly Shell Petroleum Development Company), and the Bayelsa State Government, the project is expected to be completed within 30 months.
In his presentation, the Chairman of the Senate Committee on Local Content, Senator Joel Thomas, expressed concern that some indigenous companies have continued to ignore provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, concerning the 1 per cent remittance to the NCDF. He called for greater compliance to sustain funding for indigenous content development.
The Chairperson of the House of Representatives Committee on Local Content, Hon. Boma Goodhead, commended the Board for sustaining the PNC Forum and its exhibitions. She credited the NCDMB with guiding industry compliance towards the objectives of the NOGICD Act and supporting indigenous growth.
Speaking on the theme, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, stated that the forum’s theme “Securing Investments, Strengthening Local Content, and Scaling Energy Production,” mirrors Nigeria’s priorities in driving reform, investment attraction and local capability.
He emphasised that “Investment remains the lifeblood of the energy sector,” and assured that his ministry will continue driving transparent policy frameworks, providing stable platforms and ensuring incentives that attract long-term capital. He added that the government is committed to “continue strengthening local capacity across fabrication, engineering, technology services, manufacturing of components, and research and development.”
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, described the implementation of the Petroleum Industry Act (PIA) 2021 and presidential directives issued by President Bola Ahmed Tinubu in March 2024 as key achievements that ended a decade-long industry stagnation.
He said Nigeria has witnessed rising investor confidence shown through new FIDs and an increase in the number of oil rigs from 14 to over 60, with 40 currently active. According to him, “Our investment climate now is globally competitive… our fiscal terms are globally competitive,” but he insisted that “Our policies must be seen to be consistent.”
He assured stakeholders that the Federal Government is ready to support Nigerian Content and industry development but stressed that “things have to be done responsibly.” He also confirmed that “Nigeria has met all its obligations to the African Energy Bank,” and noted that its Abuja corporate headquarters has been fully furnished and operationalised.
The Minister of State for Industry, Senator John Owan Enoh, stated that Nigeria is “at the edge of a profound energy transition,” which he described as “not just a transition from fossil to cleaner fuels, but a transition from import dependence to production strength, from resource extraction to value creation, and from talking about local content to building true local capacity across value chains.”
In a goodwill message, the Managing Director of the Bank of Industry, Dr. Olasupo Olusi, said the partnership between BOI and NCDMB signals a major expansion in their long-standing collaboration. He stated that through the $100 million NCIF Equity Investment Fund, “the Bank of Industry will deploy equity and quasi-equity capital to support high-potential Nigerian companies,” complementing debt financing and “strengthening access to the long-term risk capital required for scale, competitiveness, and value creation.” He further noted that “With a single obligor limit of $5 million, the Fund is designed to catalyze multiple high-impact investments while maintaining strong governance and prudent risk management.”
In her goodwill address, the Special Adviser to the President on Energy, Mrs. Olu A. Verheijen, commended the NCDMB for sustaining the PNC Forum over the years, noting that it “accelerates change, drives competitiveness, and pushes the industry toward global standards.” She said stakeholders must prioritise intentional local value creation, emphasising that the transfer of onshore assets from international oil companies to indigenous operators “reflects decades of accumulated local capability, technical maturity, and domestic capital formation.”
She added, “We have living proof of what happens when policy, ambition, and capability align: from SHI-MCI’s fabrication yards to Waltersmith’s modular refining success; from the NLNG Train 7 Project to the Nigerian Oil and Gas Park Scheme, and the expansive growth of Nigerian-owned marine vessels.”
