The Nigerian Content Development and Monitoring Board (NCDMB) has launched a $100 million equity investment fund to enhance indigenous participation in the country’s oil and gas industry while announcing stricter compliance measures to take effect from January 2026.
Speaking at the Practical Nigerian Content Forum on Tuesday, NCDMB Executive Secretary Felix Ogbe said the initiative, created in partnership with the Bank of Industry (BOI), aims to support high-growth Nigerian service companies across the energy value chain through equity financing rather than traditional loans.
Ogbe explained that the new scheme is designed to bridge funding gaps faced by local operators and promote long-term ownership of energy assets by Nigerians. “The work before us is significant, but so is the opportunity,” he said. “Nigerian content is key to national development and industrialization.”
Compliance Strengthening from 2026
Ogbe also announced that from January 1, 2026, the board will begin enforcing a new Local Content Compliance Certificate. The certificate will confirm that companies have met their statutory 1% Nigerian Content Development Fund (NCDF) remittance obligation, and will be mandatory for securing permits, licenses, and approvals within the sector.
He warned that firms failing to comply with remittance and reporting standards will be denied operational approvals and risk sanctions under the Nigerian Oil and Gas Industry Content Development Act (NOGICD Act).
Progress and New Programs
According to Ogbe, local content performance across monitored oil and gas projects has risen to 61%, up from 56% in 2024, reflecting improved domestic capacity utilization. He cited key projects—such as NLNG Train 7, NNPC’s Ajaokuta-Kaduna-Kano (AKK) gas pipeline, and TotalEnergies’ Ubeta gas field development—as examples of successful implementation of Nigerian content requirements.
The NCDMB also plans to roll out several new initiatives in 2026, including:
- A technology innovation challenge to accelerate homegrown energy solutions.
- Expanded training and certification programs to equip Nigerians with advanced oilfield and industrial skills.
- A crackdown on fraudulent local content certificate applications, which Ogbe said undermine credibility and transparency in the sector.
He emphasized that the board’s ongoing strategy aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes industrial growth, job creation, and economic diversification through local participation in critical sectors.
Ogbe reaffirmed the NCDMB’s commitment to driving collaboration among operators, service companies, and financiers to ensure that Nigerian firms become globally competitive players in the oil and gas industry.
