At least 130 indigenous oil and gas companies in Nigeria have accessed the $400 million Nigerian Content Intervention (NCI) Fund, marking a new phase in the country’s push to deepen local participation and capacity in its vital oil sector.
This development was revealed during a sensitisation workshop hosted by the Nigerian Content Development and Monitoring Board (NCDMB) in Lagos, where key industry stakeholders gathered to discuss enhancements in compliance monitoring, funding accessibility, and regulatory frameworks designed to strengthen the Nigerian content ecosystem.
Delivering the opening address, Felix Ogbe, executive secretary, NCDMB, reaffirmed the agency’s unwavering commitment to empowering local businesses through transparent, accessible, and impactful support mechanisms.
“We are gathered here today to deliberate on key instruments that are central to the effective delivery of our mandate,” Ogbe’s address read. “This programme is more than a workshop; it is a reaffirmation of our commitment to deepen Nigerian Content in the oil and gas industry and improve transparency, accountability, and access to funding mechanisms that support Indigenous participation.”
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$400 million fund boosts local capacity
The NCI Fund, jointly managed by the Bank of Industry (BOI) and the Nigerian Export-Import Bank (NEXIM), has been a cornerstone of Nigeria’s local content financing framework. According to the NCDMB, the fund has played a critical role in the growth of over 130 indigenous oil and gas companies.
The fund comprises various product lines tailored to the needs of operators across the industry’s value chain, including asset acquisition, contract execution, and working capital financing. It offers single-digit interest rates and relatively flexible repayment terms – features that have made it an attractive financing option for many local firms.
“Work is ongoing to ensure that more indigenous companies in the industry have access to the fund,” Ogbe stated. “This initiative is directly aligned with our strategic objective of enabling shared prosperity and inclusive growth in the Nigerian oil and gas ecosystem.”
Streamlining compliance, access
Among the key developments is the introduction of an upgraded Compliance Certificate System, designed to ensure that all oil and gas projects meet Nigerian Content requirements. This system now serves as a standardised tool for companies to demonstrate regulatory compliance.
“With the Compliance Certificate, companies now have an objective standard to demonstrate conformity, while the board is better positioned to ensure regulatory oversight,” Ogbe said. “We understand that for this system to be effective, stakeholders must be adequately informed. This programme provides an opportunity for hands-on engagement and clarification.”
Furthermore, the board announced an enhanced payment to the Nigerian Content Development Fund (NCDF) portal, aimed at improving the user experience for remittances and compliance tracking. The platform upgrade is expected to significantly alleviate the burden of procedural bottlenecks, particularly with the anticipated increase in fund inflows following the broader enforcement of compliance certification.
Focus on host communities
The workshop also spotlighted the revised Community Contractors Finance Scheme, a dedicated support line for contractors from host communities. Through collaboration with First City Monument Bank (FCMB) and other financial institutions, the scheme has been restructured to reduce access barriers and expand participation.
“This is a bold re-imagination of our support for host community contractors,” Ogbe noted. “It reflects our inclusive approach and recognition that the prosperity of the oil and gas sector must be shared with the communities that host critical infrastructure.”
The revamped scheme offers tailored financial products that make it easier for community-based contractors to engage in oil and gas projects, thereby enhancing job creation, social investment, and local economic development.
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Collaboration, capacity building
Throughout the event, the NCDMB emphasised the importance of partnerships with the private sector and financial institutions in driving the success of these initiatives. Acknowledgements were extended to Vascon Solutions, FCMB, BOI, NEXIM, and the board’s implementing consultants for their role in supporting Nigerian Content development.
“Together, we are building systems and solutions that work not only for today but for the future of Nigerian Content,” Ogbe said. “Let me also use this opportunity to express our appreciation to all our partners for their continued collaboration and support.”
Participants were urged to engage actively with the sessions, share feedback, and leverage the opportunity to understand how to navigate the upgraded systems.
