The Nigerian Content Development and Monitoring Board (NCDMB) on Tuesday signed a memorandum of understanding (MoU) with the Bank of Industry (BOI) for a $100m Equity Fund Scheme.
The ceremony took place at the conference hall of the NCDMB Tower Yenagoa at the ongoing 14th Practical Nigerian Content Forum 2025.
NCDMB Executive Secretary, Mr Felix Omatsola-Ogbe, said that the signing was part of efforts to provide affordable finance for local players in the industry.
‘’We have concluded arrangements to establish the 100 million dollars Equity Investment Scheme in partnership with BOI.
“This finance scheme will provide equity financing to high-growth indigenous energy service companies, while diversifying our income base and strengthening local content development, ‘’ he said.
Omatsola-Ogbe disclosed that the board had completed the framework for the issuance of the Nigerian Content Equipment Certificate.
According to him, the certificate will confirm companies’ compliance to the one per cent remittance obligations.
“The certificate will become effective 1st January 2026 and will be required to get key permits and approvals from the board,” he said.
On his part, the Managing Director, BOI, Mr Olasupo Olusi, commended NCDMB leadership for its partnership.
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He also commended 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.
He said the objective is to ensure that deployed capital generates credible commercial returns, advance national priorities in local content development, manufacturing expansion, job creation and technology transfer.
“Together we reaffirm our shared commitment to building resilient indigenous enterprises that can compete globally and deliver lasting economic value for Nigerians,” Olusi said.
