The Nigerian Content Development and Monitoring Board (NCDMB) has announced a significant surge in in-country value retention, reaching 61 percent, as it moves to further fortify indigenous capacity through a fresh $100 million partnership with the Bank of Industry (BOI).
Addressing stakeholders at the 14th Practical Nigerian Content (PNC) Forum in Yenagoa, NCDMB Executive Secretary Engr. Felix Ogbe revealed that Nigerian Content levels in monitored projects have climbed from 56 percent to 61 percent over the last year.
This upward trajectory was corroborated by the Special Adviser to the President on Energy, Olu Verheijen, who noted that since the enactment of the NOGICD Act in 2010, in-country value retention has increased more than ten-fold.
A major highlight of the forum was the signing of a Memorandum of Understanding for the $100 Million NCIF Equity Investment Scheme.
BOI Managing Director, Dr. Olasupo Olusi, explained that unlike traditional debt financing, this fund deploys equity and quasi-equity capital to support high-potential Nigerian companies.
He also commended NCDMB for its shared vision and unwavering commitment to strengthening indigenous participation across Nigeria’s oil and gas value chain.
“This collaboration marks a significant expansion of our long-standing relationship, through the fund. BOI will deploy equity and quasi-equity capital to support high-potential Nigeria companies, complementing traditional debt financing and strengthening access to the long-term risk.”
“It will also support capital required for scale, competitiveness and value creation. The structure of this fund reflects BOI’s proven equity investment approach anchored on rigorous due diligence, disciplined investment review processes and robust post-investment monitoring.”
“Our objective is to ensure that deployed capital generates credible commercial returns. We will also be advancing national priorities in local content development, manufacturing expansion, job creation and technology.” The BOI MD disclosed.
The scheme features a single obligor limit of $5 million and is designed to catalyze high-impact investments while ensuring strong governance.
To sustain this growth, the Federal Government is enforcing stricter compliance.
Verheijen highlighted Presidential Directives 41 and 42, which aim to eliminate “briefcase intermediaries” and reduce contracting costs.
Reinforcing this, the NCDMB ES announced that effective January 1, 2026, Nigerian Content Equipment Certificate (NCEC) and other permits will no longer be transferable, a move designed to weed out dubious service companies from the tendering process.
The Board also disclosed that the “Project 100” initiative will see its current cohort exit by April 2026 to make way for new companies, while the “Back-to-Creek” initiative is already piloting STEM education schemes in rural Niger Delta communities to prepare the next generation of talent.