The Nigerian Content Development & Monitoring Board (NCDMB) and the Bank of Industry (BOI) on Tuesday signed a memorandum of understanding (MoU) to establish the $100 million Content Intervention Fund (NCIF) Equity Scheme.

The executive secretary of NCDMB, Felix Ogbe, signed on behalf of the board, while the managing director of BOI, Olasupo Olusi, signed for the bank.

Mr Ogbe described the signing as a landmark development and milestone in local content financing.

Mr Ogbe said, “We have concluded arrangements to establish the $100 million 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 stated  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 with 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.

Also speaking, Mr Olusi commended NCDMB leadership for its partnership.

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 Nigerian companies, complementing traditional debt financing and strengthening access to 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. Our objective is to ensure that deployed capital generates credible commercial returns.

“We will also be advancing 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,” Mr Olusi said. 

(NAN)