THE Nigerian Content Development and Monitoring Board (NCDMB), in partnership with the Bank of Industry (BoI) and Nigerian Export-Import (NEXIM) Bank, has engaged with stakeholders in the oil and gas industry to raise awareness on available funding mechanisms and requirements as well as business opportunities in the sector.
The event which was held in Warri, Delta State, themed “Deepening Local Content through Certificates, Compliance and Financial Support,” unveiled Nigerian Content Fund Compliance Certificate (NCFCC) portal and also addressed critical issues such as the Nigerian Content Development Fund (NCDF) and the Revised Community Contractors Financing Scheme while providing stakeholders from Delta and Edo States an oppourtunity for direct interaction with key personnel from the banking organisations.
The manager, Capacity Building Division (CBD) NCDMB, Mr Uchenna Okafor, said the NCFCC aligns with the national vision for ease of doing business, digital transformation and accountability and reinforces the Executive Orders of the Federal Government released in February 2024.
He described the Certificate as a vital requirement in the oil and gas industry, as contractors and operators, who are required by law to remit one per cent of the value of every upstream contract into the NCDF, have to show it as proof of compliance. According to him, the Certificate is “The key that unlocks access to the (Nigerian Content Intervention) Fund and serves as assurance that obligations are being met in line with national development goals,” adding that “more than $400 million has supported over 130 indigenous companies, thus addressing the critical challenge of access to finance.”
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Okafor added that strategic initiatives like Project 100 Companies have strengthened local capacity while innovative financing tools, including a $100 million equity investment scheme by the NCDMB has ensured sustainability.
He said unlike in the past when compliance confirmation was handled manually, causing delay, the launch of the portal has not only made things faster, simpler and more transparent, it cuts certificate processing time, allows online applications without physical visits or paperwork and also creates a single digital record that investors and lenders can trust.
The Divisional Head and General Manager, Extractive Industries, BoI, Mr Taiye Emaga, commended NCDMB for the continued partnership with his bank in advancing Nigeria’s energy development and industrialisation aspirations.
He said their shared commitment to promoting local content and fostering sustainable growth in the oil and gas sector continues to energise and guide the work and everything the bank does.
“This partnership represents far more than a series of business transactions; it is a strategic alliance rooted in trust and shared purpose and a collective resolve to deliver tangible and meaningful impact,” Emaga said.
Speaking on the topic “Oil and Gas Financing Opportunities”, the Head, Specialised Business of NEXIM Bank, Mr. Mohammed Awami, expressed satisfaction that his bank has partnered NCDMB to deepen indigenous participation in the oil and gas industry.
He stated that NEXIM Bank has handled NCDMB’s $50 million seed fund for indigenous oil and gas companies. The fund, which is in two parts, $30 million for Working Capital and Human Capital Development (HCD) and $20 million for Women in Oil and Gas, has a tenor of up to three years. The $30 million Fund also has a moratorium of up to 12 months and the maximum a company can receive is $1 million.
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