Nigeria’s quest to deepen indigenous participation in the oil and gas sector received a major boost as the Nigerian Content Development and Monitoring Board (NCDMB) launched a landmark $100 million Equity Investment Scheme, aimed at accelerating local capacity development and strengthening value retention within the industry.
The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, announced the new initiative during his keynote address at the 14th Practical Nigerian Content (PNC) Forum in Bayelsa State. Ogbe also revealed that Nigeria has achieved 61 percent Nigerian Content across projects monitored by the Board in the third quarter of 2025—an achievement he said reflects significant progress in manufacturing, fabrication, engineering, asset ownership, and human capacity growth.
The event attracted a high-powered audience, including three Ministers of State, members of the National Assembly’s Local Content Committees, presidential advisers, former NCDMB chief executives, the Managing Director of the Bank of Industry (BOI), and top oil and gas executives.
To commence implementation of the new scheme, the NCDMB signed a Memorandum of Understanding (MoU) with the Bank of Industry. The MoU, signed by Engr. Ogbe and BOI Managing Director, Olasupo Olusi, outlines the management structure for the fund, which becomes a new window under the Nigerian Content Intervention Fund (NCI Fund). Olusi described the scheme as a catalytic platform that will provide equity and quasi-equity financing of up to $5 million per beneficiary, designed to strengthen indigenous companies and deepen competitiveness.
Ogbe further disclosed that the Board is preparing to induct a new batch of Project 100 Companies, following the near completion of the first cohort whose exit programme is scheduled for April 2026. He said the programme’s impact has necessitated a fresh phase to support a new set of high-growth Nigerian firms.
The Executive Secretary also outlined several initiatives scheduled for 2026, including the launch of the NCDMB Technology Challenge in Q1, a national Research and Development Fair in Q2, and a comprehensive review of the Board’s seven core guidelines. Additionally, beginning January 1, 2026, a new NCDF Compliance Certificate will become mandatory for accessing key industry permits—confirming the compulsory 1 percent NCDF remittance.
Ogbe highlighted recent achievements, including over 94 community contractor disbursements under the Community Contractors Scheme in 2025, and the upgrade of the Nigerian Content Academy into a full-fledged division delivering multiple lecture series.
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In response to rising investments—marked by a surge in Final Investment Decisions (FIDs) and over 20 Field Development Plans approved by the Nigerian Upstream Petroleum Regulatory Commission—the Board has launched the Oil and Gas Field Readiness Training Programme, focusing on 10 high-demand technical skills to prepare Nigerians for upcoming projects.
The Executive Secretary also updated stakeholders on the long-awaited Oloibiri Museum and Research Centre (OMRC). Construction began following the award of the contract to Julius Berger in December 2024 and site mobilisation in July 2025. The project, jointly funded by PTDF, NCDMB, Renaissance Africa Energy, and the Bayelsa State Government, is expected to be completed within 30 months.
In his remarks, the Chairman of the Senate Committee on Local Content, Senator Joel Thomas, expressed concern that some indigenous companies still violate the mandatory 1 percent NCDF remittance. His counterpart in the House of Representatives, Boma Goodhead, praised NCDMB for sustaining the Forum and advancing the nation’s local content goals.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described investment as the “lifeblood” of the sector and commended the Forum’s theme for aligning with national priorities. Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said investor confidence has rebounded since the enactment of the Petroleum Industry Act and President Tinubu’s 2024 directives, noting that active rigs have risen to 40 out of over 60 nationwide.
Minister of State for Industry, Senator John Owan Enoh, noted that Nigeria is undergoing a major shift from import dependence to domestic production and from raw resource extraction to value creation.
In her goodwill message, Presidential Adviser on Energy, Olu Verheijen, commended NCDMB for driving global competitiveness and noted that the transfer of onshore assets from IOCs to Nigerian companies reflects the maturity of indigenous capacity. She cited notable examples such as SHI-MCI yards, Waltersmith’s modular refinery, and the NLNG Train 7 project as evidence of the success of local content policies.
