Nigeria’s oil and gas content regulator has unveiled a US$100 million equity fund aimed at strengthening local participation in the energy sector and announced stricter compliance rules to take effect next year.
Felix Ogbe, executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), said the scheme created with the state-owned Bank of Industry will provide equity financing to fast-growing indigenous service companies.
From January 1, 2026, firms will also be required to obtain a new compliance certificate confirming they have met a mandatory 1% remittance obligation, Ogbe told delegates at the Practical Nigerian Content Forum. The certificate will be needed for permits and regulatory approvals.
Ogbe said Nigerian content levels in monitored projects had risen to 61 percent this year from 56 percent in 2023, citing progress on major developments including NLNG Train 7, NNPC’s AKK gas pipeline and TotalEnergies’ Ubeta gas project.
He said the board will roll out a technology innovation challenge in early 2026, expand oilfield skills training and tighten checks to curb fraudulent applications for local content certification.
More Read
“The work before us is significant, but so is the opportunity,” Ogbe said. “Nigerian content is key to national development and industrialisation.”
Chevron acquires 40% stake in TotalEnergies’ Nigerian offshore blocks
