The Federal Government, through the Nigerian Content Development and Monitoring Board, on Tuesday signed an MoU with the Bank of Industry to manage the $100 million allocated to the newly created equity investment scheme.

At the ongoing Practical Nigerian Content Forum themed “Securing Investments, Strengthening Local Content and Scaling Energy Production,” the Executive Secretary of the NCDMB, Felix Ogbe, officially unveiled the Nigerian Content Equity Investment Fund, describing it as a new product under the Nigerian Content Intervention Fund.

During the forum’s opening ceremony in Yenagoa, Bayelsa State, Ogbe and the Managing Director of the Bank of Industry, Olasupo Olusi, signed the MoU for the fund’s management.

Speaking, Ogbe said, “As part of our efforts to provide affordable finance for local players in the industry, we have concluded arrangements to establish the $100m Equity Investment Scheme in partnership with the Bank of Industry. This is a new product in our Nigerian Content Intervention Fund.”

According to him, the fund is designed to provide equity financing to high-growth indigenous energy companies.

“This finance scheme will provide equity financing to high-growth indigenous energy service companies while diversifying our NCDF’s income base and strengthening local content development,” he stated.

Ogbe noted that the board had finalised the framework for issuing the NCDF compliance certificate, adding that, “This instrument will confirm companies’ compliance with the one per cent remittance obligations. The certificate will become effective on 1st January 2026 and will be required to get key permits and approvals from the board.”

He added that the Project 100 initiative, launched in 2019, had recorded significant success, with plans underway to onboard a new batch of companies in April 2026.

“In 2019, the Board launched the Project 100 companies. I am happy to announce that following the successful implementation of approved interventions, we will host an exit plan by April 2026 and onboard a new set of Project 100 companies,” he said.

Ogbe revealed that between the first and second quarters of 2026, the board will review its seven existing guidelines and finalise the legal and fiscal framework for the Nigerian Oil and Gas Park Scheme, paving the way for operations to begin at the Odukpani and Emeyal 1 Parks.

He added that construction of the Oloibiri Museum and Research Centre had commenced following a contract signed between Julius Berger and OMRC Limited in December 2024, with site mobilisation completed in July 2025. The project is scheduled for delivery within 30 months.

The BoI Managing Director, Olusi, said it was a pleasure to join the NCDMB for the signing of the MoU establishing the Nigerian Content Intervention Fund Equity Investment Scheme.

He thanked the NCDMB leadership for its partnership, shared vision, and unwavering commitment to boosting indigenous participation across Nigeria’s oil and gas value chain, noting that the collaboration represents a major expansion of their long-standing relationship.

“Through the $100m NCIF Equity Investment Scheme, the Bank of Industry will deploy equity instruments to support high-interest Nigerian companies, complementing traditional debt financing and strengthening access to the long-term risk capital required for scale, competitiveness, and value creation. The fund is designed to catalyse multiple high-impact investments while maintaining strong governance and prudent risk management,” he said.

Olusi noted that the fund’s structure mirrors BoI’s established equity investment model, built on rigorous due diligence, a disciplined investment review process, and strong post-investment monitoring.

“Our objective is mutual and is to ensure that deployed capital generates credible commercial returns while advancing national priorities in local content development, also in manufacturing expansion, in job creation, and of course, in technological transfer. We are proud to partner with NCDMB on this milestone initiative, which aligns fully with the board’s 10-year roadmap and Nigeria’s broader industrial development agenda under the leadership of President Bola Tinubu,” he submitted.