The Bank of Industry (BoI) and the Nigerian Content Development and Monitoring Board (NCDMB) have sealed a new Memorandum of Understanding (MoU) for the rollout of a $100 million NCIF Equity Investment Scheme, a major funding initiative aimed at boosting the growth and competitiveness of high-potential Nigerian companies.
The agreement, signed yesterday in Yenagoa during the Practical Nigerian Content (PNC) Forum, marks a significant expansion of the long-standing partnership between both institutions, which have jointly championed local content development across the oil and gas value chain.
Speaking after the signing, Managing Director of the Bank of Industry, Dr. Olasupo Olusi, said the equity scheme would address longstanding financing gaps faced by indigenous companies—especially those requiring long-term, risk-tolerant capital to scale.
“Through the $100 million NCIF Equity Investment Scheme, the Bank of Industry will deploy equity and quasi-equity capital to support high-potential Nigerian companies,” Olusi stated.
“Our goal is to strengthen their competitiveness and deliver real value creation for the Nigerian economy.”
Olusi added that the fund’s structure is anchored on BoI’s tested investment model grounded in rigorous due diligence, disciplined investment reviews, and robust post-investment monitoring to ensure both commercial returns and national economic priorities are achieved.
He said the initiative aligns closely with the federal government’s industrial expansion agenda under President Bola Tinubu and supports strategic goals such as manufacturing growth, job creation, and technology transfer.
In his remarks, Executive Secretary of the NCDMB, Felix Omatsola Ogbe, described the equity scheme as a new financial product designed to increase access to affordable funding for local service providers in the energy sector.
“This scheme will provide equity financing to high-growth indigenous energy service companies while helping us diversify our NCDF income base and strengthen local content development,” Ogbe explained.
Ogbe also announced that the Board had completed the framework for the Nigerian Content Development Fund (NCDF) Compliance Certificate, which will confirm companies’ adherence to the statutory one percent remittance requirement.
The certificate, he said, will take effect from January 1, 2026, and will become mandatory for securing key industry approvals and permits.
The partnership is expected to accelerate the emergence of resilient indigenous companies capable of competing globally and contributing significantly to Nigeria’s economic transformatio
