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, December 2, 2025, at the Practical Nigerian Content Forum held in Yenagoa, Bayelsa State.
New $100 Million Fund to Ease Financing for Local Firms
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-owned oil and gas service companies. Ogbe stated that this initiative is a core part of the Board's long-term plan to remove funding barriers and strengthen the local content framework 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."
Stricter Compliance and a Major Policy Shift on Certificates
Alongside the new funding, Ogbe announced a major crackdown on abuses within the local content certification process. He cited a Presidential Directive on Local Content Requirements as the driving force behind stricter measures. The Board has moved to prevent middlemen from obtaining critical compliance documents like the Nigerian Content Equipment Certificates (NCECs) on behalf of companies that do not qualify.
"The days when middlemen procured certificates on behalf of unqualified companies are now over," Ogbe declared. "This has significantly reduced multiple applications from dubious service companies."
In a pivotal policy change, Ogbe further announced that effective January 1, 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 enhancing transparency and the overall integrity of the Nigerian Content system.
Local Content Performance Rises to 61%
The Executive Secretary also shared encouraging news on the sector's performance metrics. He reported that the level of Nigerian content in projects monitored by the NCDMB has seen a substantial annual increase. The figure rose from 56 per cent in 2025 to 61 per cent in the current year, marking one of the most significant yearly jumps recorded in recent times.
In related developments, the Nigerian Senate has pledged to review and enact new legislation to strengthen the Petroleum Industry Act (PIA) and further improve local content. This commitment 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.
