Nigeria’s drive to strengthen indigenous participation in the oil and gas sector has received a major push as the Nigerian Content Development and Monitoring Board launched a $100 million Equity Investment Scheme aimed at boosting local capacity and deepening value retention within the industry. The announcement was made by the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, during his keynote address at the 14th Practical Nigerian Content Forum in Bayelsa State, further disclosed that Nigeria recorded 61 percent Nigerian Content performance in projects monitored in the third quarter of 2025. He said the milestone reflects growth in fabrication, manufacturing, engineering, asset ownership and workforce development.
The launch drew a high-level audience including three Ministers of State, the Managing Director of the Bank of Industry, Olasupo Olusi, members of the National Assembly’s Local Content Committees, presidential advisers, former NCDMB chief executives and industry leaders. To activate the funding scheme, Ogbe signed a Memorandum of Understanding with Olasupo Olusi, who described the initiative as a catalytic platform offering equity and quasi-equity financing of up to $5 million per beneficiary under the Nigerian Content Intervention Fund. The fund is expected to strengthen indigenous companies and improve their competitiveness.
Ogbe also announced that the Board is set to induct a new batch of Project 100 Companies following the near completion of the first cohort, whose exit is scheduled for April 2026. Several initiatives were listed for rollout in 2026, including the NCDMB Technology Challenge in the first quarter, a national Research and Development Fair in the second quarter and a full review of the Board’s seven core guidelines. He added that from January 1, 2026, a new NCDF Compliance Certificate will be mandatory for companies seeking key industry permits to enforce the compulsory 1 percent NCDF remittance.
The Executive Secretary also highlighted achievements recorded in 2025, such as over 94 community contractor disbursements under the Community Contractors Scheme and the elevation of the Nigerian Content Academy into a full division offering technical training and lecture series. Responding to rising Final Investment Decisions and more than 20 approved Field Development Plans by the Nigerian Upstream Petroleum Regulatory Commission, Ogbe said the Board has rolled out the Oil and Gas Field Readiness Training Programme covering 10 technical skill areas to prepare Nigerians for upcoming projects.
At the Oloibiri Museum and Research Centre, Ogbe confirmed that construction commenced after the contract was awarded to Julius Berger in December 2024 and site mobilisation took place in July 2025. The project — jointly funded by the Petroleum Technology Development Fund, NCDMB, Renaissance Africa Energy and the Bayelsa State Government — is expected to be completed within 30 months.
Chairman of the Senate Committee on Local Content, Senator Joel Thomas, expressed concern over violations of the compulsory NCDF contribution by some indigenous operators and called for stricter enforcement. His counterpart in the House of Representatives, Boma Goodhead, commended NCDMB for sustaining the Practical Nigerian Content Forum and advancing local content development. Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described investment as the lifeblood of the sector, while the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, noted that investor confidence has improved under the Petroleum Industry Act and presidential directives issued in 2024, adding that 40 out of over 60 rigs are currently active nationwide.
Minister of State for Industry, Senator John Owan Enoh, said the country is transitioning from import dependence to domestic value creation. In a goodwill message, Presidential Adviser on Energy, Olu Verheijen, applauded NCDMB for deepening competitiveness and noted that the transfer of onshore assets from international oil companies to Nigerian firms reflects strong local capacity. She cited SHI-MCI yards, Waltersmith’s modular refinery and NLNG Train 7 as key examples of successful local content projects.
Stakeholders at the gathering agreed that the $100 million Equity Initiative, upcoming capacity development programmes and policy enforcement efforts mark a significant step toward building a resilient, indigenous-led oil and gas industry.
