The Nigerian Content Development and Monitoring Board (NCDMB) has introduced the Nigerian Content Fund Clearance Certificate (NCFCC) as a new compliance requirement for contractors and operators in the oil and gas industry.
The announcement was made during a stakeholders’ sensitization workshop held in Lagos, where the Board also unveiled an upgraded Nigerian Content Development Fund (NCDF) payment portal and a revised Community Contractors Finance Scheme.
The NCFCC is now mandatory for contract bidding, project approvals, and certifications within the oil and gas sector. This initiative forms part of the Board’s regulatory strategy to enforce compliance with Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. The Act requires all upstream companies to contribute one percent of their contract value to the NCDF—used to promote local capacity and participation in the oil and gas value chain.
At the event, the Board revealed that more than 130 indigenous companies have accessed financing through the $400 million Nigerian Content Intervention Fund (NCI Fund). This fund, managed in partnership with the Bank of Industry (BOI) and the Nigerian Export-Import Bank (NEXIM), offers low-interest loans to qualified oil service companies to boost competitiveness and support economic growth.
Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, noted that the new certificate and digital platforms were introduced to improve transparency, ease of compliance, and financial access for indigenous and community-based contractors.
“This programme goes beyond a technical session; it represents a renewed commitment to deepening Nigerian content, strengthening regulatory oversight, and facilitating funding access for local contractors,” Ogbe said.
Speaking on behalf of the Executive Secretary, Mr. Mubaraq Zubair, Acting Director of Finance and Personnel Management, explained that the enhanced NCDF portal now enables real-time remittance verification and faster approval timelines. He also emphasized that the revamped Community Contractors Finance Scheme was designed in collaboration with financial institutions to foster greater inclusion of grassroots contractors.
“We have eliminated key access barriers by working closely with banks such as FCMB to bring financing options closer to communities,” Zubair said.
During a detailed presentation, Dr. Ayebatonye Epemu, Supervisor of Planning and Policy Development at NCDMB, explained that the NCFCC is now compulsory for upstream companies, vendors, and consultants. The certificate, which takes 14 working days to process and is valid for 12 months, must be applied for via the NOGIC-JQS portal.
Mr. Gabriel Yemilade, Group Head of Oil and Gas at the Bank of Industry, reported that $348.3 million and ₦48.3 billion have been disbursed to 79 local companies involved in areas such as marine logistics, exploration, modular refining, gas processing, and fabrication.
“The fund has grown from its initial $200 million in 2017 to $300 million by 2020, reflecting high demand and the need for continuous support to indigenous operators,” he stated.
Yemilade added that the Community Contractors Scheme, which BOI also administers, offers loans up to ₦100 million at an interest rate of eight percent per annum. The scheme is collateralized by valid contracts or Standing Payment Orders (ISPOs).
Also speaking at the event, Mr. Akintomide James, Head of Midstream and Dealers at FCMB, elaborated on the bank’s role in managing the ₦50 billion facility under the revised Community Contractors Finance Scheme. He noted that FCMB, as the first primary financial institution enlisted, would utilize its vendor financing expertise to support local contractors executing oil and gas service contracts.
James said the scheme offers loans up to ₦100 million with a one-year tenor and up to 90 days of moratorium. Applicants must be registered with the Corporate Affairs Commission, possess relevant permits, and present validated purchase or work orders. Financing options include LPO financing, invoice discounting, and asset acquisition support.
Complementing the initiative, Mr. Mohammed Awami, Head of Specialised Business at NEXIM Bank, announced the launch of two funding windows worth $50 million. The facilities include a $30 million General Facility and a $20 million Women in Oil and Gas Programme, targeted at equipment leasing, working capital, and contract finance for local service providers.
“These funds support the goals of economic inclusion and gender diversity in the sector. With a success ratio of 4.6:1, demand has been impressive,” Awami said.
Addressing challenges around fund accessibility, the General Manager of the NCDF, Fateemah Mohammed, represented by Mr. Erefagha Turner, said that while disbursement volumes have grown, many applicants struggle to meet the documentation and collateral requirements.
“Between January 2024 and May 2025, disbursement volumes rose by 11.43 percent, and the naira value increased by 21.06 percent. Still, only 30.47 percent of applicants qualified for disbursements under BOI-managed windows,” she noted.
In response, the Board plans to intensify awareness campaigns, simplify application processes, and explore more flexible security requirements—especially for women and community-based enterprises.
