Verheijen: Tinubu’s Directives Driving Nigeria’s Biggest Project-delivery Reforms in Decades

•How BoI, NCDMB sealed pact on $100m NCIF equity investment scheme

Peter Uzoho, Oluchi Chibuzor in Lagos and Blessing Ibunge in Yenagoa

The Special Adviser to the President on Energy, Mrs Olu Verheijen, has declared that President Bola Tinubu’s Presidential Directives 41 and 42 have become the backbone of the country’s new investment competitiveness in the Nigerian oil and gas industry.

Speaking at the ongoing 14th Practical Nigerian Content (PNC) Forum in Yenagoa, Verheijen said the directives issued in February 2024, were designed to eliminate bottlenecks and restore investor confidence.

Also speaking at the same forum, the Bank of Industry (BoI) disclosed how it partnered the Nigeria Content Monitoring and Development Board (NCDMB) to sign a Memorandum of Understanding (MoU) on the $100 million Nigerian Content Intervention Fund (NCIF) equity investment scheme to support high-potential Nigerian companies which was announced by the latter on Tuesday.

Speaking further, Verheijen told industry players that project economics in the oil and gas upstream sector “must remain competitive, timelines must be credible, and capital must be deployed with confidence.”

She stated that local content was never meant to be an end in itself, but a means to delivering projects at scale, on schedule, and at competitive cost.

The presidential aide explained that the reforms, along with broader regulatory adjustments, helped Nigeria secure three of Africa’s four major Final Investment Decisions (FIDs) in 2024.

“The combined reforms introduced over the last two years propelled us into the top quartile among 14 comparable global jurisdictions,” she stated.

Verheijen emphasised that the directives were crafted from a data-driven benchmarking process that identified where project costs were being inflated.

“Our task was to design a system that eliminates rent-seeking while preserving the true meaning of local content—empowering Nigerian talent and enabling indigenous enterprise,” she noted.

She warned that the pursuit of 70 percent in-country value retention must not become a tick-box exercise.

“It must consistently deliver tangible value to industry, host communities, and the wider economy,” she said.

Highlighting Nigeria’s local content gains, she pointed to fabrication yards such as SHI-MCI, free zones like LADOL, and modular refining efforts like Waltersmith.

“These indicators testify to what Nigerians can accomplish when given opportunity,” she said, adding that each new facility “translates into livelihoods transformed—jobs created, incomes expanded, and communities uplifted,” she said.

With Shell’s Bonga North project, TotalEnergies’ Ubeta gas development, and the HI gas project all advancing, she insisted this was the moment to entrench efficiency.

“As Nigeria enters a new cycle of upstream investment, we must strengthen local content as a catalyst for smooth and timely project delivery,” she said.

Verheijen reaffirmed Nigeria’s 2030 production targets of three million barrels per day of crude and 10 billion standard cubic feet per day of gas, stressing that regulators must evolve.

“Regulators must shed legacy mindsets and act as enablers of speed, clarity, and efficiency,” she declared.

She concluded by asserting that Nigeria’s energy security is stronger than at any point in recent years.

“Together, we are laying the foundation for a new era of industrialisation, energy expansion, and shared prosperity,” she said.

How BoI, NCDMB Sealed Pact on $100m NCIF Equity Investment Scheme

Meanwhile, the BoI has revealed that it partnered the NCDMB in signing an MoU on the $100 million NCIF equity investment scheme to support high-potential Nigerian companies.

The scheme would complement traditional debt financing and strengthen access to the long-term risk capital required for scale, competitiveness, and value creation.

The Managing Director and Chief Executive Officer (MD/CEO) of the bank, Dr. Olasupo Olusi, who spoke briefly at the ongoing Practical Nigeria Content (PNC) forum in Yenagoa, Bayelsa State, said the collaboration between the BoI and the board marks a significant expansion of their long-standing relationship.

“I extend my sincere appreciation to the Executive Secretary, Felix Omatsola Ogbe, and the entire NCDMB leadership for their partnership, shared vision, and unwavering commitment to strengthening indigenous participation across Nigeria’s oil and gas value chain.

“Through the $100 million NCIF Equity Investment Scheme, the Bank of Industry will deploy equity and quasi-equity capital to support high-potential Nigerian companies, complementing traditional debt financing and strengthening access to the long-term risk capital required for scale, competitiveness, and value creation”, he added.

He explained that the structure of the Fund reflects BoI’s proven equity investment approach, anchored on rigorous due diligence, disciplined investment review processes, and robust post-investment monitoring.

According to him, “Our objective is to ensure that deployed capital generates credible commercial returns while advancing national priorities in local content development, manufacturing expansion, job creation, and technology transfer.

“We are proud to partner with NCDMB on this milestone initiative, which aligns fully with the board’s (NCMDB) 10-year roadmap and Nigeria’s broader industrial development.

agenda under the leadership of His Excellency, President Bola Ahmed Tinubu.”

He reaffirmed the bank’s shared commitment to building resilient indigenous enterprises that can compete globally and deliver lasting economic value for Nigerians.