Nigeria is taking bold steps to strengthen its local oil and gas industry with the launch of a $100 million equity fund aimed at empowering indigenous producers. The initiative, unveiled by the Nigerian Content Development and Monitoring Board (NCDMB) on Tuesday, will provide equity financing to high-growth Nigerian energy service companies in partnership with the Bank of Industry.
Speaking at the Practical Nigerian Content Forum, Felix Ogbe, Executive Secretary of the NCDMB, emphasized that the fund is part of a broader strategy to deepen local participation in the energy sector. “The work before us is significant, but so is the opportunity. Nigerian content is key to national development and industrialisation,” Ogbe said.
To strengthen accountability, the NCDMB will introduce a compliance certificate starting January 1, 2026. Companies will need the certificate to demonstrate adherence to the mandatory 1% remittance requirement, a prerequisite for obtaining permits and regulatory approvals. The move aims to ensure that all players contribute fairly to the growth of the local industry.
Local content in monitored projects has risen steadily, reaching 61% from 56% last year. Major projects highlighting this progress include NLNG Train 7, the AKK pipeline by NNPC, and TotalEnergies’ Ubeta gas development. Ogbe said the board will continue to support skill development and innovation through expanded oilfield training programs and a technology challenge planned for early 2026.
The NCDMB also plans to crack down on fraudulent applications for local content certificates, a move aimed at curbing “souvenir” licensing practices. By combining financial support, compliance enforcement, and capacity-building initiatives, Nigeria hopes to create a more competitive, sustainable, and locally-driven oil and gas sector.
source: Business day