NCDMB Launches Nigerian Content Fund Certificate, Disburses $400m to Boost Indigenous Oil & Gas Firms

In a major move to enhance transparency and boost local participation in Nigeria’s oil and gas sector, the Nigerian Content Development and Monitoring Board (NCDMB) has officially introduced the Nigerian Content Fund Clearance Certificate (NCFCC) — now a mandatory compliance requirement for all contractors and operators in the industry.

The NCFCC was unveiled at a Stakeholders’ Sensitization Workshop in Lagos, where the Board also rolled out upgrades to the Nigerian Content Development Fund (NCDF) payment portal and presented a revamped Community Contractors Finance Scheme aimed at promoting grassroots involvement.

Why the NCFCC Matters

The new certificate is now a prerequisite for contract bidding, project approvals, and NCDMB certifications. It aligns with Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, which mandates upstream sector players to remit 1% of contract values into the NCDF. These contributions are reinvested in developing Nigerian content and capacity across the oil and gas value chain.

Over 130 Local Firms Empowered with $400m Intervention Fund

As part of its broader empowerment strategy, the NCDMB revealed that more than 130 indigenous companies have benefited from the $400 million Nigerian Content Intervention (NCI) Fund. Managed in collaboration with the Bank of Industry (BOI) and Nigerian Export-Import (NEXIM) Bank, the fund provides low-cost financing to qualified oil service providers.

“This programme is more than a workshop. It reaffirms our commitment to deepen Nigerian content, enhance oversight, and open up financing opportunities for indigenous and community-based contractors,”
— Engr. Felix Omatsola Ogbe, Executive Secretary, NCDMB

Representing the Executive Secretary at the event, Mr. Mubaraq Zubair, Acting Director of Finance and Personnel Management, explained that the digital tools and certificate system are designed to simplify real-time verification and fast-track approvals. He also noted new partnerships with banks like FCMB to bring financing directly to host communities.

How the Certificate Works

Dr. Ayebatonye Epemu, Supervisor of Planning and Policy Development at NCDMB, explained that the NCFCC is now compulsory for upstream firms, vendors, and consultants.

• Processing Time: 14 working days

• Validity: 12 months

• Application: Through the NOGIC-JQS portal

NCI Fund Disbursement Insights

According to Mr. Gabriel Yemilade, Group Head of Oil and Gas at BOI, the bank has disbursed over $348 million and ₦48 billion to 79 local firms engaged in marine logistics, modular refining, gas processing, and more.

“The fund has grown from $200 million in 2017 to $300 million by 2020, thanks to high demand. We’re committed to enabling local content through financial support,”
— Gabriel Yemilade, BOI

Community Contractors Finance Scheme Gets a Boost

FCMB’s Akintomide James outlined how the bank is administering a ₦50 billion facility under the revised community-focused finance scheme. The fund targets indigenous and community-based contractors executing oil and gas contracts.

• Maximum loan: ₦100 million

• Interest rate: 8% per annum

• Requirements: CAC registration, regulatory permits, verified contracts, ISPOs

FCMB also offers products like LPO financing, invoice discounting, and asset acquisition facilities to ease access to capital.

NEXIM Bank’s $50m Support Window

From a complementary angle, NEXIM Bank’s Head of Specialised Business, Mohammed Awami, introduced two new funding windows totaling $50 million:

• $30 million General Facility

• $20 million Women in Oil and Gas Programme

These facilities aim to promote equipment leasing, contract finance, and working capital support, especially for women-led businesses in the sector.

Tackling Access Challenges

Despite progress, many applicants face bottlenecks around collateral and documentation. Fateemah Mohammed, General Manager of the NCDF (represented by Erefagha Turner), acknowledged that only 30.47% of applicants met disbursement conditions under the BOI scheme.

To close this gap, the Board is:

• Expanding sensitization campaigns

• Simplifying documentation requirements

• Exploring flexible collateral structures for women and grassroots businesses

Stay Connected

For more updates on Nigerian content development, funding opportunities, and compliance updates, follow the Nigerian Content Development and Monitoring Board.