NCDMB Launches $100m Investment Scheme as Nigerian Content Reaches 61%

The Nigerian Content Development and Monitoring Board (NCDMB) has unveiled a $100 million Equity Investment Scheme and a range of new initiatives to increase local participation in the oil and gas industry.

The announcement was made by Executive Secretary Felix Omatsola Ogbe at the opening of the 14th Practical Nigerian Content Forum, which concluded on Thursday.

Ogbe explained that the Equity Investment Scheme will offer equity financing to high-growth indigenous energy service companies and diversify the Nigerian Content Development Fund (NCDF). A memorandum of understanding to manage the scheme has been signed with the Bank of Industry, led by its Managing Director Olasupo Olusi.

The Executive Secretary also reported that Nigerian Content in the sector has reached 61% as of the third quarter of 2025. He added that the Board is preparing to onboard a new set of Project 100 Companies in 2026, following the successful support of the first cohort launched in 2019. Project 100 is designed to boost the competitiveness of selected indigenous firms through capacity-building and improved market access.

Additional initiatives include the launch of the NCDMB Technology Challenge in the first quarter of 2026 and a Research and Development Fair in the second quarter. The Board will also review its seven operational guidelines between early and mid-2025.

Ogbe confirmed that the framework for issuing the NCDF Compliance Certificate—which verifies companies’ remittance of the statutory 1% NCDF contribution—is now ready. The certificate will become mandatory for key permits from January 1, 2026.

Other achievements highlighted include the expansion of the Community Contractors Scheme, with over 94 disbursements made in 2025, and the full operation of the Nigerian Content Academy, which has hosted seven lecture series on key industry topics.

To build human capacity, the Board has launched the Oil and Gas Field Readiness Training Programme, covering 10 high-demand skills in response to rising Final Investment Decisions and over 20 approved Field Development Plans.

On infrastructure, Ogbe announced the start of construction on the multi-billion-naira Oloibiri Museum and Research Centre in Bayelsa State. The project, handled by Julius Berger, is a joint effort by PTDF, NCDMB, Renaissance Africa Energy, and the Bayelsa State Government and is scheduled for completion within 30 months.

During the forum, Senate Committee Chairman on Local Content Joel Thomas raised concerns over non-remittance of the NCDF levy by some indigenous firms. In contrast, House Committee Chair Boma Goodhead commended the NCDMB for sustaining the PNC Forum and advancing the goals of the NOGICD Act.

Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said the forum’s theme aligns with national priorities and reaffirmed the Ministry’s commitment to stable policies that attract investment and strengthen local capacity.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, attributed renewed investor confidence to the Petroleum Industry Act 2021 and recent Presidential directives. He reported an increase in active oil rigs from 14 to over 60, describing Nigeria’s investment climate as globally competitive. He also confirmed that Nigeria has fulfilled its obligations to the African Energy Bank, whose Abuja headquarters is now operational.

Minister of State for Industry, John Owan Enoh, highlighted Nigeria’s strategic shift toward value addition across energy value chains and reducing import dependence.

BOI Managing Director Olasupo Olusi praised the strengthened partnership with NCDMB and pledged that the $100 million Equity Investment Fund would provide equity and quasi-equity support to promising indigenous companies.