By Ali Elias
The Nigerian Content Development and Monitoring Board (NCDMB) has unveiled a $100 million Equity Investment Scheme, marking one of its most significant interventions yet to deepen indigenous participation in the nation’s oil and gas industry.
Executive Secretary of the Board, Engr. Felix Omatsola Ogbe, announced the scheme during his keynote address at the opening of the 14th Practical Nigerian Content (PNC) Forum, which ended on Thursday. The event drew senior government officials, National Assembly members, industry leaders, and representatives of international and indigenous energy companies.
According to Ogbe, the initiative will provide equity financing to high-growth Nigerian energy service companies while boosting the long-term sustainability of the Nigerian Content Development Fund (NCDF). To operationalise the scheme, the NCDMB signed a memorandum of understanding with the Bank of Industry (BOI), represented by its Managing Director, Dr. Olasupo Olusi. The new scheme forms part of the broader Nigerian Content Intervention Fund portfolio.
LOCAL CONTENT HITS 61 PERCENT
Ogbe also disclosed that Nigerian Content in the oil and gas sector reached 61 percent in the third quarter of 2025, based on projects tracked by the Board. He described the milestone as evidence that Nigeria’s decade-long push for in-country capacity development is yielding tangible dividends.
He further announced that the Board is set to onboard a fresh cohort of Project 100 Companies—a flagship initiative launched in 2019 to support 100 indigenous firms with targeted interventions. With the first cohort nearing an exit in April 2026, a new set of companies will undergo structured capacity building and access-to-market support.
TECHNOLOGY, COMPLIANCE AND INDUSTRY READINESS
The Executive Secretary revealed that the NCDMB will launch the NCDMB Technology Challenge in the first quarter of 2026 and host a Research and Development Fair in the second quarter. A review of the Board’s existing seven guidelines is also scheduled.
Ogbe announced the completion of a framework for the Nigerian Content Development Fund Compliance Certificate, which confirms a company’s fulfillment of its mandatory one percent remittance. The certificate becomes mandatory from January 1, 2026, for securing NCDMB permits and approvals.
He added that the Community Contractors Scheme continues to expand, with more than 94 disbursements made in 2025. Meanwhile, the Nigerian Content Academy has been upgraded to a full-fledged division of the Board, with multiple lecture series held on critical industry topics.
In further pursuit of workforce readiness, the Board has launched an Oil and Gas Field Readiness Programme covering the top ten high-demand technical skills, in line with the surge in major final investment decisions across the sector.
OLOIBIRI MUSEUM PROJECT GAINS MOMENTUM
Ogbe confirmed that construction has commenced on the multibillion-naira Oloibiri Museum and Research Centre in Bayelsa State. Mobilisation to site by contractor Julius Berger Plc was completed in July 2025. The project is jointly sponsored by the PTDF, NCDMB, Shell Petroleum Development Company (now Renaissance Africa Energy Limited), and the Bayelsa State Government, with completion expected within 30 months.
LAWMAKERS, MINISTERS PUSH FOR RESPONSIBLE COMPLIANCE
Chairman of the Senate Committee on Local Content, Senator Joel Thomas, expressed concern that some indigenous companies continue to default on their NCDF remittance obligations under the NOGICD Act of 2010.
His counterpart in the House of Representatives, Hon. Boma Goodhead, commended the Board for sustaining the PNC Forum and supporting the evolution of Nigeria’s local content architecture.
In his address, Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, emphasised that investment remains the bedrock of the energy sector. He said Nigeria’s policy reforms are aimed at strengthening investor confidence, ensuring transparent processes, and scaling in-country value addition.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, noted that Nigeria’s oil and gas sector has emerged from a decade-long stagnation following the enactment of the Petroleum Industry Act in 2021 and subsequent presidential directives. He revealed that active oil rigs have increased from 14 to more than 60, underscoring renewed investor interest.
BOI, PRESIDENCY REAFFIRM COMMITMENT
BOI’s Managing Director, Dr. Olusi, described the new equity fund as a major expansion of the long-standing partnership with the NCDMB. With a single obligor
limit of $5 million, the scheme aims to catalyse high-impact investments while upholding strict governance and risk management standards.
Special Adviser to the President on Energy, Mrs. Olu A. Verheijen, applauded the Board for driving competitiveness and industry alignment with global standards. She stressed the importance of intentional value creation through local capacity and cited recent successes such as modular refining, fabrication yards, and indigenous marine vessel expansion as evidence of what aligned policy and capability can deliver.