NCDMB, BOI Set up Investment Committee for $100m Nigerian Content Equity Fund

– Board to invest $5m in each oil service firm, unlock 13,200 jobs

Peter Uzoho

In a move to provide a new financing solution to the Nigerian oil and gas service sector and accelerate local content growth, the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) have inaugurated the Investment Committee of the Nigerian Content Equity Fund (NCEF).

The fund is a groundbreaking $100 million financing product designed to avail long-term financing to service companies and provide access to funds in exchange for equity rather than traditional debt instruments.

The committee was inaugurated in Lagos by the Executive Secretary of NCDMB, Mr. Felix Ogbe, setting the stage for the rollout of the pioneering financing window under the Nigerian Content Intervention Fund (NCI Fund), a statement signed by NCDMB’s General Manager, Corporate Communications, Dr. Obinna Ezeobi, said.