NCDMB Launches $100m Equity Investment Scheme as Nigerian Content Hits 61% in 2025

The Nigerian Content Development and Monitoring Board (NCDMB) has unveiled a landmark $100 million Equity Investment Scheme, alongside several new initiatives aimed at strengthening indigenous participation in Nigeria’s oil and gas industry.

The announcement was made by the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, during his keynote address at the opening of the 14th Practical Nigerian Content (PNC) Forum, which concluded on Thursday.

The high-profile event drew an impressive audience including three Ministers of State, National Assembly Local Content Committee members, representatives of the Bayelsa State Governor, Special Adviser to the President on Energy, two former NCDMB Executive Secretaries, the Managing Director of the Bank of Industry (BOI), and leaders across the oil and gas sector.

$100 Million Equity Investment Scheme Unveiled

Engr. Ogbe explained that the new $100 million Equity Investment Scheme is designed to:

• Provide equity financing to high-growth indigenous energy service companies

• Diversify the income base of the Nigerian Content Development Fund (NCDF)

To operationalize the scheme, the NCDMB signed a Memorandum of Understanding (MoU) with the Bank of Industry, represented by its Managing Director, Dr. Olasupo Olusi. The investment scheme will operate under the Nigerian Content Intervention (NCI) Fund.

Nigeria Achieves 61% Local Content in 2025

A major highlight of Engr. Ogbe’s address was the announcement that Nigerian Content levels in the oil and gas sector have reached 61% as of Q3 2025, from projects currently monitored by the Board.

New Set of Project 100 Companies Coming Onboard

He also disclosed that the Board is preparing to onboard a new batch of Project 100 Companies, following the implementation of interventions for the initial cohort launched in 2019.
The exit plan for the first set is scheduled for April 2026.

Project 100 is a flagship initiative of the Ministry of Petroleum Resources and NCDMB designed to nurture high-potential indigenous oil and gas companies with capacity building, market access, and targeted support.

Upcoming Programmes and Policy Actions

Engr. Ogbe highlighted additional upcoming initiatives:

• NCDMB Technology Challenge – launching Q1 2026

• Research and Development Fair – scheduled for Q2 2026

• Review of seven NCDMB Guidelines – slated for Q1–Q2 2025

• NCDF Compliance Certificate – to take effect January 1, 2026, required for essential permits and confirming compliance with 1% remittance obligations

Recent Achievements

The NCDMB Executive Secretary also highlighted several ongoing accomplishments:

1. Community Contractors Scheme

• Over 94 disbursements made in 2025, expanding direct access for community contractors.

2. Nigerian Content Academy

• Now operating as a full-fledged division

• Seven lecture series already delivered on key industry subjects

3. Human Capacity Development (HCD)

• Launch of the Oil and Gas Field Readiness Training Programme focused on the top 10 in-demand skills

• Designed to prepare local talent for ongoing FIDs and more than 20 Field Development Plans recently approved by NUPRC

4. Oloibiri Museum and Research Centre (OMRC)

The multi-billion-naira project in Otuabagi, Bayelsa State, has officially commenced.

• Contract signed with Julius Berger Plc in December 2024

• Mobilisation to site completed in July 2025

• Joint sponsors: PTDF, NCDMB, Renaissance Africa Energy (formerly SPDC), and Bayelsa State Government

• Expected delivery timeline: 30 months

National Assembly Reactions

Senator Joel Thomas, Chairman of the Senate Committee on Local Content, expressed concern over persistent violations of the NOGICD Act, especially non-remittance of the mandatory 1% NCDF contribution.

Meanwhile, Hon. Boma Goodhead of the House of Representatives commended the NCDMB for sustaining the PNC Forum and steering the industry toward achieving the goals of the NOGICD Act.

Ministerial Remarks: Investment, Stability, and Local Capacity

Gas Sector

The Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, emphasized that the PNC Forum theme—“Securing Investments, Strengthening Local Content, and Scaling Energy Production”—aligns with Nigeria’s national priorities.
He reaffirmed the commitment to stable policies and market-driven incentives to attract long-term investments.

Oil Sector

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, highlighted the transformation brought by the Petroleum Industry Act (PIA) 2021 and reforms initiated in 2024.
Key industry indicators:

• Oil rigs increased from 14 to over 60, with 40 currently active

• Renewed investor confidence and improved fiscal competitiveness

He confirmed Nigeria has met all obligations to the African Energy Bank, with its Abuja headquarters now fully equipped.

Ministry of Industry Perspective

The Minister of State for Industry, Senator John Owan Enoh, noted that Nigeria is undergoing a significant energy transition—from fossil fuels to cleaner energy and from raw extraction to value creation.

Bank of Industry’s Position on the New Fund

BOI Managing Director, Dr. Olasupo Olusi, praised the partnership with NCDMB, highlighting that the $100 million Equity Investment Fund will:

• Deploy equity and quasi-equity capital

• Support high-potential indigenous companies

• Complement debt financing

• Strengthen access to long-term risk capital

The Fund has a $5 million single obligor limit, enabling multiple high-impact investments while ensuring strong risk management.

Presidential Energy Adviser’s Goodwill Message

The Special Adviser to the President on Energy, Mrs. Olu A. Verheijen, commended NCDMB for sustaining the PNC Forum. She stressed the importance of intentional in-country value addition, referencing notable Nigerian success stories such as:

• SHI-MCI fabrication yards

• Waltersmith modular refinery

• NLNG Train 7 Project

• Nigerian Oil and Gas Park Scheme

• Growth in Nigerian-owned marine fleets

She noted that the recent transfer of onshore assets from IOCs to local operators demonstrates the maturity of Nigeria’s indigenous capacity and capital formation.