Nigeria’s oil content board unveils $100 million equity fund to support local producers

Nigeria’s oil and gas content regulator on Tuesday announced a $100 million equity investment scheme aimed at boosting indigenous participation in the energy sector. The board also said it would tighten compliance rules starting next year.

Felix Ogbe, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), told the Practical Nigerian Content Forum that the fund, launched in partnership with the Bank of Industry, will provide equity financing to high-growth local energy service companies.

Starting January 1, 2026, the board will introduce a compliance certificate to confirm companies’ adherence to the mandatory 1% remittance obligation, Ogbe added. The certificate will be required for obtaining permits and approvals.

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Ogbe noted that Nigerian content levels in monitored projects have risen to 61% from 56% last year, highlighting major projects such as NLNG Train 7, NNPC’s AKK pipeline, and TotalEnergies’ Ubeta gas development.

Other planned initiatives include a technology challenge in early 2026, expanded training programs for oilfield skills, and measures to curb fraudulent applications for local content certificates.

“The work before us is significant, but so is the opportunity,” Ogbe said. “Nigerian content is key to national development and industrialisation.”

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