The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with the Bank of Industry (BOI), on Tuesday unveiled a new $100 million Equity Investment Scheme aimed at easing funding constraints for indigenous operators in the oil and gas sector.
Gatekeepers News reports that the initiative was announced at the 2025 Practical Nigerian Content Forum in Bayelsa, marking a renewed effort to expand affordable financing and deepen participation across the oil and gas value chain.
Speaking at the event, NCDMB Executive Secretary Felix Ogbe said the scheme, created under the Nigerian Content Intervention Fund, aligns with the Board’s long-term strategy to strengthen local capacity and remove financial barriers for domestic firms.
“As part of our efforts to provide affordable finance for local players in the industry, we have concluded arrangements to establish the $100 million Equity Investment Scheme in partnership with the Bank of Industry,” Ogbe said.
“This is a new product in our funding basket, designed to improve access to capital and enhance indigenous participation.”
Stricter Local Content Rules, Non-Transferable Certificates from 2026
Ogbe noted that the Presidential Directive on Local Content Requirements has prompted stricter controls to curb abuses in the issuance of compliance documents, particularly Nigerian Content Equipment Certificates (NCECs).
“In line with the Presidential Directive, we have adopted measures to prevent middlemen from obtaining NCECs and other certifications. This has significantly reduced multiple applications from dubious service companies,” he said.
He announced a major policy shift: beginning 1 January 2026, NCECs and all related certificates will become non-transferable. The change aims to ensure that only companies with legitimate approvals can access tender processes, reinforcing transparency and safeguarding the integrity of Nigeria’s local content regime.
“This ensures that entities without NCECs are not admitted into the tendering process,” he added.
Local Content Rises to 61%
Ogbe also revealed that Nigeria’s local content performance has continued to improve. According to him, the level of Nigerian content in projects monitored by the Board rose from 56 percent in 2025 to 61 percent this year, marking one of the sector’s strongest annual gains in recent years.
Senate Moves to Strengthen Petroleum Industry Act
In a related development, the Nigerian Senate has pledged to review and enact new legislation to strengthen the Petroleum Industry Act (PIA) and boost local content across the energy sector.
Senate President Godswill Akpabio, represented by Senator Osita Ngwu, Chairman of the Senate Committee on Solid Minerals, made the pledge at the opening of the 9th Africa Energy Summit in Port Harcourt.
Ngwu said the Senate would address grey areas in existing laws to ensure they better serve Nigerians and support sustainable energy development.
The summit, organised by Solewant Group, is themed “Emerging Technologies and the Future of Sustainable Energy Development in Africa.”
