Stakeholders in Nigeria’s oil and gas industry assembled at the NCDMB Towers, Yenagoa, Bayelsa State, on Tuesday for the 14th Practical Nigerian Content Forum, to brainstorm on the nation’s local content journey and how to sustain achievements made over the years in that sector and consider possible ways of scaling energy production.
At the formal opening of the forum, Executive Secretary, of the Nigerian Content Development and Monitoring Board, NCDMB, Felix Omatsola Ogbe spoke of some initiatives that would shape the future of the Nigerian content policy implementation.
Among the initiatives is the $100 Million Equity Investment Scheme launched in partnership with the Bank of Industry, BOI, to support high-growth indigenous energy service companies, as well as the – Nigerian Content Development Fund (NCDF) compliance certificate, a new instrument that has been introduced to confirm adherence to the 1 per cent NCDF remittance, which would come into effect from January 1 next year.
Ogbe also said construction work on the long awaited Oloibiri Museum and Research Centre was ongoing and would be delivered in the next 30 months, even as he said that the Nigerian content performance has grown from 56 per cent to 61 per cent across monitored projects.
He said the board had so much in stock for the country and indeed the African continent. “The work before us is significant, but so is the opportunity. Let us move forward with renewed purpose as Nigerian Content remains critical to national development and industrialization,” he noted.
In a goodwill message, Dr Olasupo Olusi, managing director and chief executive officer of the Bank of Industry, expressed appreciation to Ogbe and the entire NCDMB leadership for their partnership, shared vision, and unwavering commitment to strengthening indigenous participation across Nigeria’s oil and gas value chain.
He spoke shortly after the dotted lines were signed to give effect to the equity investment fund, from where local companies will be funded, for the execution of their projects.
“This collaboration marks a significant expansion of our long-standing relationship. Through the $100 million NCIF Equity Investment Fund, the Bank of Industry will deploy equity and quasi-equity capital to support high-potential Nigerian companies, complementing traditional debt financing and strengthening access to the long-term risk capital required for scale, competitiveness, and value creation. With a single obligor limit of $5 million, the Fund is designed to catalyze multiple high-impact investments while maintaining strong governance and prudent risk management.
“The structure of this Fund reflects BOI’s proven equity investment approach, anchored on rigorous due diligence, disciplined investment review processes, and robust post-investment monitoring. Our objective is to ensure that deployed capital generates credible commercial returns while advancing national priorities in local content development, manufacturing expansion, job creation, and technology transfer. We are proud to partner with NCDMB on this milestone initiative, which aligns fully with the board’s (NCMDB) 10-year roadmap and Nigeria’s broader industrial development,” he said.
