The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI) on Tuesday formalised a major financing initiative, signing a Memorandum of Understanding (MoU) to launch the $100 million Nigerian Content Intervention Fund (NCIF) Equity Scheme.
The agreement was signed by NCDMB Executive Secretary Felix Ogbe, and BoI Managing Director Dr. Olasupo Olusi, marking a new phase in Nigeria’s push to enhance indigenous participation in the energy and industrial sectors.
Ogbe described the deal as a significant milestone for local content financing, noting that the scheme will provide equity investment to high-growth Nigerian energy service firms while diversifying the Board’s revenue streams.
He added that the Board had concluded the framework for issuing the Nigerian Content Equipment Certificate, which will validate companies’ compliance with the mandatory 1% remittance policy. The certificate will become a requirement for major permits and approvals beginning January 1, 2026.
BoI MD Dr Olusi commended the partnership, highlighting that the equity and quasi-equity structure of the fund is designed to strengthen the capacity of Nigerian businesses to scale, compete, and innovate within the oil and gas value chain.
He said the fund aligns with BoI’s investment strategy built on rigorous due diligence, disciplined oversight, and structured post-investment monitoring—ensuring that capital deployment yields sustainable returns while supporting national economic goals such as job creation, technology transfer, and manufacturing expansion.
Olusi affirmed that both institutions remain committed to empowering indigenous enterprises that can compete globally and drive long-term economic prosperity.
 and the Bank of Industry (BoI) on Tuesday formalised a major...){kind=link}