NCDMB, BOI unveils $100m fund as local content hits 61%

By : Kingsley Jeremiah

Date: 2 December 2025 1:53pm WAT

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Nigerian Content Development Management Board

Nigerian Content Development Management Board

The Nigerian Content Development and Monitoring Board (NCDMB) on Tuesday unveiled a new $100 million Equity Investment Scheme in partnership with the Bank of Industry (BOI).

The development, which marks a fresh push to expand affordable financing for indigenous oil and gas companies participating in the country’s oil and gas sector, was announced at the 2025 Practical Nigerian Content Forum in Bayelsa.

Speaking at the event, the Executive Secretary of NCDMB, Felix Ogbe, said the initiative forms part of the Board’s long-term strategy to ease funding constraints faced by local operators and strengthen Nigeria’s local content framework.

Ogbe said the Equity Investment Scheme, created under the Nigerian Content Intervention Fund, would significantly ease financial burdens for industry players and stimulate participation across the value chain.

“As part of our efforts to provide affordable finance for local players in the industry, we have concluded arrangements to establish the $100 million Equity Investment Scheme in partnership with the Bank of Industry. This is a new product in our funding basket, designed to improve access to capital and enhance indigenous participation,” he said.

Ogbe added that the Presidential Directive on Local Content Requirements has compelled the Board to introduce stricter measures to curb abuses in the issuance of key compliance documents, including Nigerian Content Equipment Certificates (NCECs).

According to him, the days when middlemen procured certificates on behalf of unqualified companies are now over. “In line with the Presidential Directive, we have adopted measures to prevent middlemen from obtaining NCECs and other certifications. This has significantly reduced multiple applications from dubious service companies,” Ogbe stated.

He further announced a major policy shift, stressing that effective 1 January 2026, NCECs and all related certificates would become non-transferable.

The move, he said, aims at ensuring that only firms with legitimate approvals can participate in tender processes, thereby deepening transparency and reinforcing the integrity of the Nigerian Content framework.

“This ensures that entities without NCECs are not admitted into the tendering process,” he said. Ogbe also revealed that Nigeria’s local content performance has recorded measurable progress.

According to him, the level of Nigerian content in projects monitored by the Board rose from 56 per cent in 2025 to 61 per cent this year, one of the highest annual jumps in recent years.

In other news, the Nigerian Senate has promised to review and enact new laws to strengthen the Petroleum Industry Act (PIA) and improve local content, as the 9th Africa Energy Summit kicks off in Port Harcourt. Senate President Godswill Akpabio made the pledge at the summit, organised by Solewant Group, with the theme

“Emerging Technologies and the Future of Sustainable Energy Development in Africa”. Representing Akpabio, Senator Osita Ngwu, Chairman of the Senate Committee on Solid Minerals, said the Senate would address grey areas in existing laws to benefit Nigerians.

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