NCDMB and BOI Launch $100M Equity Fund for Oil Firms

The Nigerian Content Development and Monitoring Board (NCDMB), led by Executive Secretary Engr. Felix Omatsola Ogbe, has inaugurated a committee to manage a $100 million Nigerian Content Equity Fund (NCEF) in Lagos.

This fund, with an obligor limit of $5 million, aims to reduce the per-unit cost of oil and gas products and services, create additional income for NCDMB, and attract other investors. The target beneficiaries include oil field service companies, manufacturers, and fabrication yards, with the potential to create approximately 12,500 direct jobs and 7,000 indirect jobs.

Dr. Obinna Ezeobi, General Manager Corporate Communications of NCDMB, stated that the fund is part of the Nigerian Content Intervention Fund (NCI Fund) established under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

Ogbe emphasized the importance of due diligence in selecting beneficiaries and clarified that the fund is not a grant, urging responsible use of the capital.