Yemisi Izuora
The Nigerian Content Development and Monitoring Board (NCDMB) has called on indigenous firms to deepen their activities in the oil and gas industry with $400 million Nigerian Content Intervention Fund (NCI) Fund.
The Board said about 130 indigenous companies had accessed funding from the Fund which is a portion of the NCDF managed in partnership with the Bank of Industry and the Nigerian Export-Import Bank, to provide low cost finance to qualified oil service companies, to enhance their competiveness and deepen Nigerian content performance in the oil and gas industry and grow the national economy.
To further expand access to the Fund the NCDMB has introduced the Nigerian Content Fund Clearance Certificate(NCFCC) as a mandatory compliance document for contractors and operators in the oil and gas sector.
The certificate was launched during a Stakeholders’ Sensitization workshop held in, Lagos, where the Board also showcased an upgraded Nigerian Content Development Fund payment portal and a revised Community Contractors Finance Scheme.
The NCFCC is now a prerequisite for contract bidding, project approvals, and Board certifications in the oil and gas industry. It forms a core part of NCDMB’s regulatory drive to ensure full compliance with statutory financial contributions as stipulated by section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
The NOGICD Act mandates all entities in the upstream sector of the Nigerian oil and gas industry to pay one percent of the value of their contracts into the Nigerian Content Development Fund (NCDF), managed by the NCDMB for developing Nigerian content in the oil and gas and linkage sectors.
Speaking at the event, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe said the certificate and digital tools were designed to enhance compliance, transparency, and access to finance for indigenous contractors.
“This programme is more than a workshop; it reaffirms our commitment to deepen Nigerian content, enhance oversight, and open up financing opportunities for indigenous and community-based contractors,” Ogbe stated.
The Executive Secretary who was represented at the workshop by the Acting Director, Finance and Personnel Management, Mr. Mubaraq Zubair explained that the revamped NCDF portal and the compliance certificate system would facilitate real-time remittance verification and streamline approval processes. He added that the restructured Community Contractors Finance Scheme, developed in collaboration with financial institutions, would boost grassroots participation.
Zubair said, “We have removed critical access barriers by collaborating with banks like FCMB to bring financing closer to host communities.”
In a presentation on the NCFCC policy, Supervisor, Planning and Policy Development, NCDMB, Dr. Ayebatonye Epemu, explained that the NCFCC had become mandatory for upstream companies, vendors, and consultants.
“It is now a precondition for bidding, certifications, and approvals. Processing takes 14 working days, and the certificate is valid for 12 months. Companies are required to submit their requests via the NOGIC-JQS portal.” Epemu said.
Speaking on the performance of the NCI Fund, Group Head, Oil and Gas at the Bank of Industry, Mr. Gabriel Yemilade, disclosed that the bank disbursed $348.296m and ₦48.289bn to 79 local firms active in marine logistics, upstream exploration, modular refining, gas processing and fabrication.
In his words, “the fund has evolved from an initial $200m in 2017 to $300m by 2020, due to high demand. We are enabling local content through direct financial support,”
Yemilade reaffirmed BOI’s administration of the Community Contractors Scheme, which offers loans of up to ₦100m at eight per cent interest yearly, secured by valid contracts or Standing Payment Orders.
In his remarks on the administration of the Community Contractor Fund, the head, Midstream and Dealers at FCMB, Akintomide James, outlined the bank’s role in disbursing the ₦50bn facility secured from NCDMB under the revised Community Contractors Finance Scheme.
He explained that the fund was targeted at supporting community-based contractors and indigenous service providers in the oil and gas value chain, particularly those executing contracts for operating and service companies.
James stated that FCMB, the first primary financial institution enlisted in the revised scheme, would leverage its pedigree, vendor financing experience to deploy tailored support for local contractors.
The scheme offers competitive pricing at eight per cent yearly with a single obligor limit of ₦100m and a tenor of one year, including moratoria of up to 90 days.
He noted that applicants must be Corporate Affairs Commission-registered, possess regulatory permits, and present verified purchase orders, work orders or invoices. Acceptable collateral includes irrevocable standing payment order (ISPOs)from contract awarders.
According to James, the bank’s product offerings include LPO financing, invoice discounting and facilities for asset acquisition, all designed to ease access to finance.
Delivering a complementary perspective, Head of SpecialisedBusiness at NEXIM Bank, Mohammed Awami, revealed that the bank launched two dedicated funding windows worth $50m to support indigenous oil and gas service providers.
He said the initiative, comprising a $30m General Facility and a $20m Women in Oil and Gas Programme, targets equipment leasing, contract finance, and working capital, in alignment with NCDMB’s inclusion goals. “We have recorded a strong response, with a success ratio of 4.6:1. These facilities empower local service providers and promote gender diversity in the sector,” Awami added.
Addressing the challenges around fund access, General Manager of the NCDF, Fateemah Mohammed, represented by ErefaghaTurner, said although disbursements had grown significantly, many applicants still struggle with collateral and documentation.
“Between January 2024 and May 2025, we saw an 11.43 per cent increase in disbursement volume and a 21.06 per cent rise in naira value. However, only 30.47 per cent of applicants met disbursement conditions under BOI windows,” she noted.
To tackle these gaps, the Board is expanding sensitizationcampaigns, simplifying requirements, and considering flexible security structures – particularly for women and community groups.