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.

By Ambrose Nnaji

The Federal Government has commenced the repayment of N185 billion in long-standing gas debts, a decisive intervention aimed at reviving Nigeria’s gas market and restoring stability to the country’s fragile power sector.

President Bola Tinubu approved the settlement plan following recommendations by the National Economic Council (NEC) chaired by Vice-President Kashim Shettima—marking one of the most significant financial commitments to the energy sector in recent years.

In a statement, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described the move as a “critical step toward revitalising Nigeria’s gas sector and strengthening power generation in a sustainable manner.”

The debts, accumulated from gas supplied to power plants over several years, had severely weakened producers’ cash flows, stalled new investments, and constrained gas supply, thereby worsening electricity shortages nationwide.

Ekpo said the repayment—structured through a royalty-offset arrangement—is expected to rebuild trust with both local and international gas producers who have long expressed concerns over the government’s persistent indebtedness.

“Settling these obligations is essential to restoring investor confidence. Many producers withheld or slowed new investments because of uncertainty around payment,” he noted.

According to the minister, the intervention will restart upstream activities, accelerate exploration and production, and ultimately raise Nigeria’s gas output. Increased supply, he added, would translate into more reliable power generation—easing chronic electricity shortages that have crippled businesses and industrial growth for decades.

He said the anticipated gains extend beyond the energy sector, noting that dependable electricity is fundamental to industrialisation, job creation, and broader economic competitiveness. He also emphasised that improved fiscal discipline and greater transparency across the gas value chain would attract fresh investment from both local and foreign players.

The Coordinating Director of the Decade of Gas Secretariat, Ed Ubong, said the move demonstrated President Tinubu’s resolve to address structural weaknesses and reposition the sector for growth.

“This decision underlines the government’s determination to clear legacy liabilities and give gas producers the confidence that supplies to power generation will be honoured,” he said. “It could unlock stalled projects, revive investor interest, and rebuild momentum behind Nigeria’s transition to a gas-driven economy”, he added.

By Ambrose Nnaji

The Nigeria Extractive Industries Transparency Initiative (NEITI) has applauded the nomination of former International Energy Agency (IEA) Executive Director, Maria van der Hoeven, as the incoming Chair of the Extractive Industries Transparency Initiative (EITI) for the 2026–2029 terms.

In a statement issued in Abuja, NEITI’s Executive Secretary, Musa Sarkin-Adar, described Van der Hoeven’s appointment as timely, noting that her extensive experience in global energy governance and public administration aligns perfectly with the EITI’s evolving agenda.

“Ms. van der Hoeven assumes this critical role at a pivotal moment when the global energy transition is reshaping extractive industries. Her proven leadership and strong commitment to transparency will be invaluable to the EITI community. Nigeria looks forward to working closely with her to deepen accountability and strengthen compliance across implementing countries”, Sarkin-Adar said.

He added that Nigeria remains committed to the EITI’s emerging priorities, including energy transition, climate governance, gender mainstreaming, and environmental accountability.

The Chairman of NEITI’s National Stakeholders Working Group (NSWG), Senator George Akume, also praised the appointment, stating that Van der Hoeven’s leadership would drive stronger compliance and deepens the implementation of EITI standards worldwide. He reaffirmed Nigeria’s alignment with the government’s Renewed Hope agenda and global extractive-sector reforms.

Civil society groups have also welcomed the nomination. The Executive Director of the Centre for Transparency Advocacy (CTA), Faith Nwadishi, described Van der Hoeven’s emergence as “a strong affirmation of gender-responsive leadership and diversity within the EITI.” She highlighted the new chair’s record of effective engagement with government, industry, and civil society stakeholders.

Van der Hoeven’s formal confirmation will take place at the EITI Members’ Meeting during the 2026 Global Conference scheduled for June next year.

A former Dutch politician, Van der Hoeven previously served as the Netherlands’ Minister of Economic Affairs and Energy before leading the IEA between 2011 and 2015. She has since held several high-level board positions, including roles with TotalEnergies, Innogy SE, the Rocky Mountain Institute, and the UN’s Sustainable Energy for All.

She is set to succeed Helen Clark, former Prime Minister of New Zealand, who has served as EITI Chair since 2019. Past EITI chairs include Sweden’s former Prime Minister Fredrik Reinfeldt, ex-UK Secretary of State Clare Short, and Transparency International founder Peter Eigen.

The EITI Chairmanship runs for a renewable three-year term.