In a significant move to bolster indigenous participation in Nigeria's energy sector, the Nigerian Content Development and Monitoring Board (NCDMB) has partnered with the Bank of Industry (BOI) to launch a $100 million Equity Investment Scheme. The announcement was made on Tuesday, 2 December 2025, at the Practical Nigerian Content Forum held in Yenagoa, Bayelsa State.
New Funding Window for Local Operators
The Executive Secretary of NCDMB, Felix Ogbe, revealed that the new fund is a strategic product under the Nigerian Content Intervention Fund. It is specifically designed to tackle the persistent challenge of affordable financing for Nigerian oil and gas service companies. Ogbe stated that the initiative is a core part of the Board's long-term plan to ease funding constraints and stimulate broader participation across the entire industry value chain.
"We have concluded arrangements to establish the $100 million Equity Investment Scheme in partnership with the Bank of Industry," Ogbe told attendees at the forum. "This is a new product in our funding basket, designed to improve access to capital and enhance indigenous participation." The fund is expected to provide a crucial equity financing option, complementing existing loan facilities, thereby strengthening the financial backbone of local firms.
Stricter Compliance and a Major Policy Shift
Ogbe also addressed critical reforms in the administration of local content compliance. He cited a Presidential Directive on Local Content Requirements as the driving force behind stricter measures to curb abuses in the certification process. A key focus is the issuance of the Nigerian Content Equipment Certificate (NCEC).
The NCDMB boss declared an end to the era where middlemen could procure certificates for companies that did not qualify. "We have adopted measures to prevent middlemen from obtaining NCECs and other certifications. This has significantly reduced multiple applications from dubious service companies," he explained.
In a major policy shift, Ogbe announced that effective 1 January 2026, all NCECs and related certificates will become non-transferable. This move aims to ensure that only firms with legitimate, direct approvals can participate in tender processes, thereby deepening transparency and reinforcing the integrity of the Nigerian Content framework. "This ensures that entities without NCECs are not admitted into the tendering process," he emphasized.
Measurable Gains in Local Content Performance
Amidst these new initiatives, the Board reported tangible progress in its core mandate. Ogbe disclosed that the level of Nigerian content in projects monitored by NCDMB has seen a notable increase. The performance jumped from 56 per cent in 2025 to 61 per cent this year, marking one of the most significant annual improvements recorded in recent times.
In related developments, the Nigerian Senate has pledged to review and enact new laws to strengthen the Petroleum Industry Act (PIA) and further improve local content. The promise was made by Senate President Godswill Akpabio, represented by Senator Osita Ngwu, at the 9th Africa Energy Summit in Port Harcourt. The summit, organized by Solewant Group, focused on the theme of emerging technologies and sustainable energy development in Africa.
Senator Ngwu, who chairs the Senate Committee on Solid Minerals, stated that the Senate is committed to addressing grey areas in existing legislation to ensure maximum benefits for Nigerians from the nation's energy resources.
