The Nigerian Content Development and Monitoring Board (NCDMB) has introduced a mandatory compliance certificate—known as the Nigerian Content Fund Clearance Certificate (NCFCC)—for all contractors and operators seeking to participate in Nigeria’s oil and gas industry.
The new requirement, launched during a stakeholders’ sensitisation workshop in Lagos, is expected to revolutionise how upstream operators and vendors interact with the Board, enhancing transparency and enforcing financial compliance under Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. The Act mandates that one percent of the value of all upstream contracts be remitted to the Nigerian Content Development Fund (NCDF).
In addition to unveiling the NCFCC, the Board also launched an upgraded NCDF payment portal and revised its Community Contractors Finance Scheme to simplify access to low-cost funding.
Speaking at the workshop, NCDMB Executive Secretary Engr. Felix Omatsola Ogbe, represented by Acting Director of Finance and Personnel Management, Mubaraq Zubair, described the reforms as a “strategic move to deepen local content, expand access to capital, and reinforce accountability mechanisms.”
He stated, “This programme is more than a compliance tool—it’s a reaffirmation of our commitment to support indigenous participation and open up real-time opportunities for Nigerian service providers.”
The NCFCC is now compulsory for all bidding, certification, and project approval processes. According to Dr. Ayebatonye Epemu, NCDMB’s Supervisor for Planning and Policy Development, the certificate takes 14 working days to process and is valid for 12 months. Applications are to be submitted through the NOGIC-JQS portal.
Gabriel Yemilade, Group Head of Oil and Gas at the Bank of Industry (BOI), revealed that NCDMB has disbursed over $348 million and ₦48.2 billion to 79 local firms operating in marine logistics, fabrication, gas processing, modular refining, and upstream services. He emphasized that demand for funding led to the intervention fund’s expansion from $200 million in 2017 to $400 million today.
BOI also manages the Community Contractors Scheme, offering up to ₦100 million in loans at a concessionary eight percent interest rate, backed by valid work contracts or standing payment orders (SPOs).
Further elaborating on this, FCMB’s Head of Midstream and Dealers, Akintomide James, said the bank is deploying a ₦50 billion NCDMB-secured facility to support host community contractors. “We’ve made financing accessible by offering vendor loans, invoice discounting, and asset acquisition support with a maximum tenor of one year and moratoria of up to 90 days,” he added.
The Nigerian Export-Import Bank (NEXIM), through its Head of Specialised Business, Mohammed Awami, announced two new funding windows worth $50 million. The General Facility ($30m) and the Women in Oil and Gas Programme ($20m) are designed to empower indigenous and female-led businesses. “We’ve had a 4.6:1 success ratio on applications, which proves the appetite for equitable financing in the sector,” Awami noted.
Despite these strides, challenges persist. The NCDF General Manager, Fateemah Mohammed—represented by Erefagha Turner—disclosed that only 30.47% of applicants met disbursement criteria between January 2024 and May 2025. To improve access, the Board plans to ease loan conditions, increase awareness, and adapt collateral requirements, especially for women and grassroots businesses.
The introduction of the NCFCC marks a pivotal regulatory reform in Nigeria’s local content ecosystem, reinforcing fiscal discipline, enhancing local participation, and promoting transparency. With over $400 million now injected into the sector through various funding schemes and banks, the NCDMB’s focus on digitisation and inclusive growth is poised to further stimulate Nigeria’s oil and gas value chain.