The Federal Government of Nigeria has unveiled a $100 million equity investment scheme to support indigenous companies in the oil and gas sector, while urging operators to accelerate projects and raise crude production to three million barrels per day (bpd). The announcements, made at the 14th Practical Nigerian Content Forum in Yenagoa, highlight the country’s commitment to enhancing local participation, attracting investment, and reviving the economy amid global energy transitions.
The forum, themed “Industry Stakeholders to Advance Nigerian Content Implementation,” was attended by key figures including Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo; and Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Ogbe. Discussions centered on regulatory reforms, infrastructure improvements, and Nigeria’s ambition to become a competitive energy hub.
Meanwhile, the NCDMB launched the Nigerian Content Investment Fund (NCIF) to provide vital capital to high-growth local energy service firms. Announced by Engr. Ogbe, the scheme coincides with a Memorandum of Understanding (MoU) signed between the NCDMB and the Bank of Industry (BOI).
“The fund will provide equity financing to high-growth indigenous energy service companies while diversifying our NCDF’s income base and strengthening local content development,” Ogbe said. He also confirmed the finalization of a framework for the NCDF Compliance Certificate, which will verify companies’ adherence to the mandatory one percent remittance obligation. Effective January 1, 2026, the certificate will be required to secure key permits and approvals from the Board.
BOI Managing Director, Dr. Olasupo Olusi, described the partnership as a “catalyst for high-impact investments.” He noted that the collaboration expands their longstanding relationship, deploying equity and quasi-equity instruments to high-potential Nigerian firms. “This complements traditional debt financing and enhances access to long-term risk capital needed for scale, competitiveness, and value creation,” he added. The fund emphasizes due diligence, governance, and post-investment monitoring to ensure sustainable results.
Senator Lokpobiri called on oil companies to expedite project sanctions, field developments, and capital commitments. “EPCs will not mobilize on promises; they need actual projects. Without approved field-development plans, credible drilling schedules, and firm capital commitments, contractors will not take us seriously,” he stated.
He highlighted the renewed global demand for hydrocarbons and Nigeria’s readiness to attract investments, supported by streamlined regulations across the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and NCDMB. He also spotlighted the ongoing 2025 licensing round, offering 50 oil blocks, but emphasized that only capable bidders should participate, ending the era of idle licenses treated “like souvenirs.”
The government is also addressing security challenges, fast-tracking approvals, reviving stalled projects, and improving evacuation infrastructure. “Every additional barrel strengthens the economy and creates jobs. Nigeria must produce more oil efficiently and sustainably,” Lokpobiri added.
Special Adviser to the President on Energy, Olu Verheijen, reaffirmed the administration’s ambition to reach three million bpd, leveraging Nigeria’s resources, expertise, and commitment.
Engr. Ogbe reported that Nigerian content in monitored projects has risen from 56% to 61%, crediting stricter compliance and monitoring. The NCDMB’s Project 100, launched in 2019 to empower local service providers, is expected to conclude by April 2026, paving the way for new beneficiaries. Between Q1 and Q2 2026, the Board will review seven guidelines and finalize the legal and fiscal framework for the Nigerian Oil and Gas Parks Scheme (NOGAPS), kickstarting operations at the Odukpani and Emeyal 1 parks.
On gas, Minister Ekpo highlighted the Petroleum Industry Act’s role in liberalizing midstream and downstream sectors. Key projects include the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Obe (OB3) pipelines, Trans-Saharan and Trans-Atlantic gas initiatives, West African Gas Pipeline expansions, and the Nigeria–Equatorial Guinea Gas Pipeline. Discussions with Libya aim to enhance regional integration.
Concluding the forum, Lokpobiri stated: “We have the resources, we have the expertise, and we have the determination. Together, we will build the energy future Nigeria deserves.”
The post Nigeria Unveils $100M Equity Fund, Calls For Oil Production Increase To 3M Barrels Per Day At Practical Nigerian Content Forum appeared first on TheNigeriaLawyer.
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