The Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to launch the Nigerian Content Equity Fund (NCEF) in December.
The initiative will provide long-term risk capital support for indigenous oil and gas companies operating in high-value and high-impact sectors.
Esueme Kikile, the board’s General Manager for Human Capital Development, made the announcement during an event at the NCDMB Towers in Yenegoa on Thursday.
“On the back of the success of the NCIF fund and the outstanding performance of over 70 beneficiary companies, I am pleased to announce today and to inform the industry that a new product, the Nigerian Content Equity Fund, will be unveiled soon,” Kikile said.
The programme will be officially launched at the agency’s Practical Nigerian Content Forum scheduled to hold in Yenegoa next month.
Building local capacity
Kikile emphasized that the board will continue expanding its activities to build a strong industrial base powered by local talent, capital, and innovation.
He highlighted the success of the Nigerian Content Intervention Fund (NCIF), noting how companies such as Tamrose Limited have leveraged the platform to grow significantly.
Tamrose, an indigenous marine logistics company, recently completed repayment of its $10m facility, joining over 20 firms that have met their obligations.
The company acquired the loan in 2019 and was commended for fully abiding by repayment terms without missing a single schedule—unlike 49 others who have yet to meet their obligations.
Between 2019 and now, Tamrose’s operational capacity has grown by about 300%.
Its vessel fleet expanded from four to 15, staff strength rose from 50 to over 200, and operations extended into Angola.
Government’s commitment to local content
The launch of the NCEF underscores the government’s determination to strengthen indigenous companies and enable them to compete confidently on the global stage.
Before the passage of the Nigerian Oil and Gas Industry Content Development Act in 2010, the country is estimated to have lost up to $380bn and 2 million jobs due to offshore procurement and services.
To bridge critical workforce gaps, the NCDMB last month launched a major programme to train over 10,000 young graduates and technicians in ten high-demand oil and gas skills.
According to the Executive Secretary of the board, the initiative was necessitated by a surge in multi-billion-dollar investments in Nigeria’s oil and gas sector in recent years.