130 Upstream Firms Benefit from $400m NCDF Support

About 130 indigenous companies in Nigeria’s upstream oil and gas industry have received more than $400 million support from the Nigerian Content Development Fund (NCDF), Managing Director of the organisation, Emmanuel Yusuf, disclosed yesterday. Yusuf spoke in Uyo during the portal launch of the Nigerian Content Fund Compliance Certificate, organised by the Nigerian Content Development and Monitoring Board (NCDMB) for stakeholders. He said the portal would provide a digitised process that would enhance quick access to funds. The managing director explained that the digitalised system would ensure efficient services where impact becomes measurable as operators and contractors would be able to access funding easily, regulators will enjoy improved data collation, and investors’ confidence will increase. The initiative, he said, aligned with the nation’s vision to improve the ease of doing business, digital transformation, and accountability, adding that the Nigerian Content Fund Compliance Certificate was vital for the oil and gas industry. “The Nigerian Oil & Gas Industry Content Development Act specifies that the sum of one percent of every contract awarded to any operator, contractor, sub-contractor, alliance partner or any other entity involved in any project, operation, activity or transaction in the upstream of the Nigerian oil and gas industry shall be deducted at source and paid into the fund. “This certificate is proof of compliance, the key that unlocks access to the Fund, and assurance that obligations are being met in line with national development goals. Over the years, the Fund has been transformative. “Nigerian Content has risen to over 60 per cent, meaning more value, jobs, and expertise now reside within our country. More than $400 million has supported over 130 indigenous companies, addressing the critical challenge of access to finance. “Strategic initiatives like Project 100 have strengthened local capacity, while innovative financing tools, including a $100 million equity investment scheme, ensure sustainability. But as progress expands, our systems must evolve,” Yusuf stated. In the past, he stated that compliance confirmation was handled manually, wherein companies submitted physical documents, waited for verification, and endured delays that often stretched into weeks. This, according to him, slowed project approvals, created uncertainty, and limited transparency for regulators and investors. “With the launch of this portal, compliance becomes faster, simpler, and more transparent. The portal will cut certificate processing time from weeks to days; allow online applications without physical visits or paperwork; provide instant status updates, eliminating uncertainty; enable regulators to verify compliance in real time and create a single digital record that investors and lenders can trust,” he said. Yusuf added that by digitising the process, the portal would also enhance access to the Fund while companies that meet obligations would be able to obtain certificates quickly, unlock financing opportunities without delay, and channel resources into projects that create jobs, build capacity, and strengthen Nigeria’s oil and gas value chain. Executive Secretary, Nigerian Content of NCDMB, Felix Ogbe, in a welcome address said the sensitisation programme on the Nigerian Content Fund Compliance Certification System and the NCDF Payment Portal would provide stakeholders with practical information on the upgraded NCDF Payment Portal, the Compliance Certificate System, and access to the Nigerian Content Intervention Fund (NCI Fund). Ogbe, who was represented by Mr Dandi Osagie said the initiatives were necessary to improve efficiency, transparency and ease of doing business, and also ensure that eligible Nigerian companies can better access financing. “The NCDMB recognises that effective implementation of Nigerian Content requires continuous engagement, collaboration and capacity building. We therefore consider programmes such as this an important platform for listening to our stakeholders, clarifying areas of concern, and ensuring that the systems and processes we provide are well understood and effectively utilised,” he stressed.