By Ambrose Nnaji

Nigeria’s drive toward deeper local participation in its oil and gas industry gained new momentum as the Nigerian Content Development and Monitoring Board (NCDMB) unveiled a landmark $100 million Equity Investment Scheme, alongside several other initiatives designed to accelerate indigenous capacity, strengthen local value retention, and position the country for growth amid rising industry investment.

The announcement was made by the NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe, during his keynote address at the 14th Practical Nigerian Content (PNC) Forum held in Bayelsa State. The high-level gathering drew an influential audience, including three Ministers of State, members of the National Assembly’s Local Content Committees, a representative of the Bayelsa State Governor, presidential advisers, former NCDMB chief executives, the Managing Director of the Bank of Industry (BOI), and top executives from across the oil and gas value chain.

Engr. Ogbe explained that the new Equity Investment Scheme aims to “provide equity financing to high-growth indigenous energy service companies while diversifying the income base of the Nigerian Content Development Fund (NCDF).”

To signal immediate implementation, the NCDMB signed a Memorandum of Understanding (MoU) with the Bank of Industry during the event. The MoU—signed by Engr. Ogbe and BOI Managing Director, Olasupo Olusi—will guide management of the scheme, which becomes a major addition to the Nigerian Content Intervention Fund (NCI Fund).

Olusi described the $100 million Equity Fund as a catalyst for high-impact growth, explaining that BOI will deploy equity and quasi-equity capital to support promising indigenous companies, with a single obligor limit of $5 million. He added that the structure is designed to strengthen access to long-term risk capital, boost competitiveness, and deepen value creation.

Beyond financing, Ogbe announced that Nigeria’s oil and gas industry has achieved a significant milestone—61percent Nigerian Content—by the third quarter of 2025 across projects monitored by the Board. The achievement reflects progress in manufacturing, fabrication, engineering, local asset ownership, and indigenous human capacity.

The Executive Secretary also disclosed that the Board is preparing to onboard a new set of Project 100 Companies—a signature initiative launched in 2019 to nurture 100 indigenous oil and gas companies toward global competitiveness.

With the first cohort nearing completion and an exit plan scheduled for April 2026, Ogbe said the programme’s success has warranted a fresh phase targeted at new high-potential indigenous firms.

According to Ogbe, the NCDMB will: launch the NCDMB technology challenge in Q1 2026, host a national research and development (R&D) fair in Q2 2026 and undertake a comprehensive review of its seven core guidelines between Q1 and Q2 2026

Implement a new NCDF Compliance Certificate by January 1, 2026, which will confirm adherence to the mandatory 1% NCDF remittance required for obtaining key permits and regulatory approvals.

He also highlighted recent operational feats, including over 94 community contractor disbursements in 2025 under the Community Contractors Scheme, and the transformation of the Nigerian Content Academy into a full-fledged division with seven lecture series already delivered.

Responding to the surge in Final Investment Decisions (FIDs) on major projects and over 20 Field Development Plans recently approved by the Nigerian Upstream Petroleum Regulatory Commission, the Board has launched an Oil and Gas Field Readiness Training Programme. The programme focuses on the top 10 in-demand technical skills to ensure Nigerians are ready to take up roles as new projects come on stream.

Ogbe also provided updates on the long-awaited Oloibiri Museum and Research Centre (OMRC), noting that construction has commenced following the contract award to Julius Berger in December 2024 and mobilisation to site in July 2025.

Jointly funded by PTDF, NCDMB, Renaissance Africa Energy (formerly SPDC), and the Bayelsa State Government, the project is expected to be delivered within 30 months.

In separate remarks, the Chairman of the Senate Committee on Local Content, Senator Joel Thomas, raised concerns that some indigenous companies continue to violate provisions of the NOGICD Act, particularly the mandatory 1percent NCDF remittance.

His House of Representatives counterpart, Boma Goodhead, commended the NCDMB for sustaining the PNC Forum and for guiding Nigeria’s local content aspirations.

Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described investment as “the lifeblood” of the sector and praised the Forum’s theme—Securing Investments, Strengthening Local Content, and Scaling Energy Production—as aligning with national priorities. He reaffirmed the government’s commitment to stable policies and incentives that attract long-term capital while strengthening local capacity.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, celebrated the revival of investor confidence following the enactment of the Petroleum Industry Act (PIA) and President Tinubu’s 2024 directives. He noted that oil rigs increased from 14 to over 60, with 40 currently active—evidence of renewed momentum. Nigeria, he said, has also fulfilled all obligations to the African Energy Bank, whose Abuja headquarters is fully operational.

Also speaking, Minister of State for Industry, Senator John Owan Enoh, observed that Nigeria is undergoing a profound energy and industrial transition, shifting from import dependence to domestic production and from raw resource extraction to value creation.

In her goodwill message, Presidential Adviser on Energy, Olu Verheijen, lauded NCDMB for sustaining the PNC Forum and driving global competitiveness. She highlighted the growing success of indigenous operators, noting that the transfer of onshore assets from IOCs to Nigerian firms demonstrates the maturity of local capacity.

She cited examples of successful indigenous footprints—from SHI-MCI fabrication yards to Waltersmith’s modular refinery and the NLNG Train 7 project—underscoring the impact of supportive policies.

The Nigerian Content Development and Monitoring Board (NCDMB) has clarified that the three Executive Orders issued by President Bola Ahmed Tinubu in March 2024 did not weaken or sideline the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

This assurance was given during a Local Content Masterclass and panel session at the African Energy Week in Cape Town, South Africa, where stakeholders examined Nigeria’s local content milestones, clarified misconceptions, and provided lessons for other African oil and gas-producing countries.

Panelists included NCDMB officials such as Engr. Abayomi Bamidele, Director of Capacity Building; Silas Omomehin Ajimijaye, General Manager, Monitoring and Evaluation; and Ms. Fateemah Mohammed, General Manager, Nigerian Content Development Fund (NCDF). The session was moderated by the General Manager, and Corporate Communications, Obinna Ezeobi.

Engr. Bamidele explained that some industry players had misinterpreted the Presidential Directives to mean that compliance with the NOGICD Act was no longer mandatory. He clarified that the directives simply mandated the use of existing local capacities and eliminated middlemen from the contracting process.

The three orders cover Local Content Compliance, Reduction of Petroleum Sector Contracting Costs and Timelines, and Tax Incentives for Oil and Gas Companies. To align with these directives, NCDMB streamlined its contract approval process from nine to five stages, reducing project costs and accelerating investment decisions.

Bamidele also disclosed that qualified international service companies can now obtain the Nigerian Content Equipment Certificates (NCEC) to participate in deepwater operations—an initiative expected to attract new investments. He added that NCDMB is advancing infrastructure projects such as the Brass Island Shipyard, supported by NLNG, and the Nigerian Oil and Gas Parks at Odukpani, Cross River State, and Emeyal-1, Bayelsa State.

Ajimijaye highlighted NCDMB’s robust monitoring systems that ensure compliance with the NOGICD Act. He noted that oil asset divestments have not reduced compliance levels, as indigenous operators have adopted established frameworks. He also stressed the importance of research and development, citing six Centres of Excellence in Nigerian universities and support for 15 innovative projects through the Board’s R&D Fund.

Speaking on financing, Ms. Mohammed explained that the Nigerian Content Intervention Fund provides single-digit loans to indigenous service companies. She outlined key schemes such as the ₦50 billion Community Contractors Fund, which grants up to ₦100 million to local contractors, and the $20 million Women in Oil and Gas Fund, managed by NEXIM Bank, to support women entrepreneurs.

She urged other African countries to adopt similar financing models to enhance local capacity, while reaffirming NCDMB’s commitment to expanding the Fund and partnering with financial institutions to unlock bigger projects.