The Nigerian Content Development and Monitoring Board (NCDMB), has unveiled a $100 million equity investment scheme aimed at boosting indigenous participation in the energy sector.
The announcement was made by Executive Secretary Felix Omatsola Ogbe at the 14th Practical Nigerian Content (PNC) Forum in Yenagoa on Tuesday.
The intention to launch the initiative by the board was first disclosed in mid-November by its General Manager for Human Capital Development during an event in Yenegoa.
The initiative, developed in partnership with the Bank of Industry, will provide equity financing to high-growth local energy service companies while diversifying the board’s income base.
“The scheme is designed to deepen access to affordable capital for local operators and stimulate stronger local content performance across the industry,” Ogbe told delegates.
It counts on the success of the NCIF fund and the outstanding performance of over 70 beneficiary companies, including Tamrose Limited.
The indigenous marine logistics company, recently completed repayment of its $10m facility, joining over 20 firms that have met their obligations.
Strengthening local content policy
The new scheme forms part of broader reforms under the Nigerian Oil and Gas Industry Content Development Act (NOGICD Act) of 2010, which mandates the board to build capacity among Nigerian companies and individuals across the oil and gas value chain.
Ogbe stressed that the 2025 PNC Forum, themed “Uniting Industry Stakeholders to Advance Nigerian Content Implementation”, remains the board’s flagship platform for stock-taking and future planning.
The Executive Secretary also announced that from January 1, 2026, companies will be required to obtain a new Nigerian Content Development Fund (NCDF) Compliance Certificate to secure permits and approvals.
The certificate will verify adherence to mandatory 1% remittance obligations.
In addition, all Nigerian Content Equipment Certificates (NCEC) will become non-transferable from 2026, a move aimed at eliminating middlemen and preventing fraudulent applications.
Project 100 and industry initiatives
Ogbe revealed that the board’s flagship Project 100 initiative will conclude with an exit event in April 2026, after which a new batch of companies will be onboarded.
He also confirmed progress on the Nigerian Oil and Gas Parks Scheme (NOGaPS), with legal and financial frameworks nearing completion.
Other highlights include:
- Launch of the Nigerian Content Academy Lecture Series.
- Ongoing construction of the Oloibiri Museum and Research Centre, expected to be completed in 30 months.
- Contributions to the establishment of the African Energy Bank, headquartered in Abuja.
- Expansion of STEM education initiatives in Niger Delta communities.
Human capacity development
Under its Human Capacity Development programme, NCDMB is preparing to roll out field-readiness training for 10 high-demand skills.
Ogbe disclosed that over 11,000 applications have already been received.
The programme targets participants under 35 with qualifications in engineering, geosciences, and computer science.
He praised international and national oil companies that have submitted their HCD plans and urged others to comply.
Ogbe revealed that the board is currently monitoring several major oil and gas projects handled by IOCs across the country, adding that local content levels on these projects have risen from 56% to 61%.
In August, Shell—whose $5 billion Bonga North was also mentioned—had said it targets to execute more than 90% of its contract value using Nigerian labour.
