NCDMB and BOI Launch $100M Nigerian Content Equity Fund

The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) inaugurated the Investment Committee for the Nigerian Content Equity Fund (NCEF) in Lagos. This $100 million fund aims to provide long-term financing to service companies in the oil and gas sector, offering equity financing instead of traditional debt.

The committee's establishment is part of the Nigerian Content Intervention Fund (NCI Fund), which seeks to reduce costs of oil and gas products and services, create income for NCDMB, and attract other investors. The fund targets oil field service companies, manufacturers, and fabrication yards, with an estimated potential to create 12,500 direct jobs and 7,000 indirect jobs.

Mr. Felix Ogbe, the Executive Secretary of NCDMB, emphasized the need for rigorous due diligence by the committee and clarified that the fund is not a grant, urging beneficiaries to use the capital responsibly and repay according to investment terms.