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Nigeria releases $100mn to accelerate local integration in the oil sector

A new $100mn fund has been launched to support Nigerian oil and gas service companies, as part of a national target to reach 70% local content by 2027.

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The Nigerian Content Development and Monitoring Board (NCDMB) has announced the creation of a $100mn investment fund targeting local companies. This fund, established in partnership with the Bank of Industry, aims to ease access to capital for strategic domestic service providers and strengthen their participation in oil and gas projects.

Target of 70% local content by 2027

The launch of this fund is part of a long-term strategy to rebalance the supply chain in favour of Nigerian players. According to the NCDMB, this financial mechanism is intended to address the persistent challenges faced by local firms in raising capital, in a sector still largely dominated by foreign suppliers. The regulator’s stated objective is to reach 70% local content in the oil and gas industry by 2027, up from 61% currently.

This ambition stems from a national roadmap adopted in 2017, which prioritises the development of local skills and limits the use of foreign expertise when domestic alternatives exist. In this context, the NCDMB has strengthened project monitoring mechanisms to ensure companies comply with local content requirements.

Strengthening the regulatory framework

Starting from 1 January 2026, obtaining a compliance certificate will become mandatory for all companies operating in the sector. Issued by the NCDMB, this document will certify the effective payment of the 1% fee due to the Nigerian Content Development Fund (NCDF), a statutory fund designed to support the development of local industrial capacities. The measure aims to prevent fraud, improve traceability of payments and reinforce transparency between operators and authorities.

The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, reiterated last year the importance of leveraging the country’s human capital as a driver of economic growth. Recent gains in local content – up from 56% to 61% in one year – are attributed to major projects such as Nigeria LNG’s seventh liquefaction train, the AKK pipeline and the Ubeta gas field development.

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