The Nigerian Content Development and Monitoring Board (NCDMB) has introduced a new mandatory certificate for oil and gas contractors, aimed at tightening financial compliance and expanding access to funding for local players.
Unveiled in Lagos at a stakeholder engagement session, the Nigerian Content Fund Clearance Certificate (NCFCC) is now a key requirement for companies bidding for contracts or seeking project approvals. It forms part of efforts to enforce compliance with the Nigerian Oil and Gas Industry Content Development Act, which mandates that 1% of upstream contract values be paid into the Nigerian Content Development Fund (NCDF).
To support this regulatory push, NCDMB also upgraded its fund payment portal and restructured its Community Contractors Finance Scheme to improve access for indigenous and community-based firms.
So far, over 130 local companies have accessed financing from the $400 million Nigerian Content Intervention Fund (NCI Fund), managed in partnership with the Bank of Industry and NEXIM Bank. The fund is designed to provide low-interest loans to help homegrown oil service firms scale operations and increase participation across the value chain.
According to NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe—represented by Mr. Mubaraq Zubair—the new tools and funding pathways reflect the Board’s commitment to transparency, regulatory efficiency, and grassroots empowerment.
The NCFCC will be processed through the NOGIC-JQS portal within 14 working days and is valid for one year. Without it, contractors will not be eligible for bidding or certification processes.
The Bank of Industry disclosed it has disbursed $348.3 million and ₦48.3 billion to 79 firms in sectors including exploration, fabrication, marine logistics, and modular refining. BOI also manages a ₦100 million loan facility for community contractors at an annual interest rate of 8%, backed by valid contracts or payment orders.
FCMB, which is administering a ₦50 billion facility under the revised community scheme, is offering flexible financing to small contractors with verified purchase orders. Applicants must be registered, possess the required permits, and provide acceptable collateral, including ISPOs.
NEXIM Bank has also launched two dedicated financing windows worth $50 million, one for general contract support and another focused on women in oil and gas.
Despite strong interest in the funds, challenges remain. According to the NCDF General Manager, only about 30% of applicants met disbursement requirements under BOI’s platform between January 2024 and May 2025.
To bridge that gap, the Board is intensifying awareness campaigns, simplifying loan conditions, and considering flexible collateral structures to make funding more accessible, especially for women-led businesses and contractors in host communities.
