Market News

BY Chijioke Ohuocha

YENAGOA, Nigeria, Dec 2 (Reuters) – Nigeria’s oil and gas content regulator on Tuesday announced a $100 million equity investment scheme to boost indigenous participation in the energy sector and said it would tighten compliance rules from next year.

Felix Ogbe, executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), told the Practical Nigerian Content Forum that the fund, launched in partnership with the Bank of Industry, would provide equity financing to high-growth local energy service firms.

The board will also introduce a compliance certificate from January 1, 2026, confirming companies’ adherence to a mandatory 1% remittance obligation, Ogbe said. The certificate will be required for permits and approvals.

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Ogbe said Nigerian content levels in monitored projects rose to 61% from 56% last year, citing major projects such as NLNG Train 7, NNPC’s AKK pipeline and TotalEnergies’ Ubeta gas development.

Other initiatives include a technology challenge in early 2026, expanded training programs for oilfield skills, and measures to curb fraudulent applications for local content certificates.

“The work before us is significant, but so is the opportunity,” Ogbe said. “Nigerian content is key to national development and industrialization.”