The Bank of Industry (BoI) and the Nigeria Content Monitoring and Development Board (NCDMB) have signed a Memorandum of Understanding (MoU) on a $100 million Nigerian Content Intervention Fund (NCIF) equity investment scheme to support high-potential Nigerian companies.
The scheme will also complement traditional debt financing and strengthen access to the long-term risk capital required for scale, competitiveness, and value creation.
Olasupo Olusi, the managing director and chief executive officer (MD/CEO) of the bank, who spoke briefly at the ongoing Practical Nigeria Content (PNC) forum in Yenagoa, Bayelsa State, said the collaboration between the BoI and the board marks a significant expansion of their long-standing relationship.
“I extend my sincere appreciation to Felix Omatsola Ogbe, the executive secretary, and the entire NCDMB leadership for their partnership, shared vision, and unwavering commitment to strengthening indigenous participation across Nigeria’s oil and gas value chain.
“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, complementing traditional debt financing and strengthening access to the long-term risk capital required for scale, competitiveness, and value creation”, Olusi added.
He explained that the structure of the Fund reflects BOI’s proven equity investment approach, anchored on rigorous due diligence, disciplined investment review processes, and robust post-investment monitoring.
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“Our objective is to ensure that deployed capital generates credible commercial returns while advancing national priorities in local content development, manufacturing expansion, job creation, and technology transfer. We are proud to partner with NCDMB on this milestone initiative, which aligns fully with the board’s (NCMDB) 10-year roadmap and Nigeria’s broader industrial development agenda under the leadership of His Excellency, President Bola Ahmed Tinubu,” the managing director stated.
He reaffirmed the bank’s shared commitment to building resilient indigenous enterprises that can compete globally and deliver lasting economic value for Nigerians.
Earlier in his opening remark, Omatshola Ogbe, the executive secretary, NCDMB, said the deal was part of the board’s efforts to provide affordable finance for local players in the industry.
“This is a new product in our Nigerian Content Intervention Fund. This finance scheme will provide equity financing to high-growth, indigenous energy service companies, thereby diversifying our NCDF’s income base and strengthening local content development.
“The Board has finalised the framework for issuing the NCDF Compliance Certificate. This instrument will confirm companies’ compliance with the one percent remittance obligations. The certificate will become effective 1st January 2026 and will be required to get key permits and approvals from the Board,” Ogbe stated.