Former Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has called for a major boost to Nigeria’s local content financing, urging the expansion of the Nigerian Content Intervention Fund (NCI Fund) from $450 million to $1 billion.
Kachikwu made the appeal during the Nigerian Content Development and Monitoring Board’s (NCDMB) virtual mentorship lecture, which attracted nearly 500 participants across Zoom and YouTube. He said the enlarged fund would enable the country to drive large-scale oil and gas projects, set up pipe mills, and expand local manufacturing of essential industry equipment.
He recalled that the fund was launched at $200 million during his time as NCDMB Governing Council chair and has grown to $450 million, but stressed that it is still insufficient to unlock Nigeria’s full potential. He recommended that contributions should come not just from government but also from operators and investors.
“Oil block licenses cannot remain dormant like certificates of occupancy,” Kachikwu said, adding that firms holding assets must be compelled to meet development timelines or risk losing them. He also urged contractors to back their contracts with concrete investment plans, joint ventures, and partnerships with local firms.
The former minister further warned that Nigeria must restore investor confidence to attract global capital, noting that billions of dollars are available but flow only to countries with stability and predictability. He suggested co-investment between government and private operators in profitable ventures as a way to encourage inflows.
While praising indigenous players such as Seplat, Oando Energy Resources, Aiteo, and Heirs Oil & Gas for acquiring divested assets from international oil companies, Kachikwu cautioned that ownership changes must translate into higher production, transparent accounting, and strict compliance to prevent government revenue losses.
He stressed that host communities must be fully integrated into operations to avoid the kinds of conflicts that have disrupted the sector in the past.
To young professionals, he offered advice on adaptability, ethics, and patience, describing the oil and gas industry as “not just about barrels and dollars but about national survival, community welfare, and the environment.”
NCDMB officials welcomed Kachikwu’s proposals and reaffirmed their commitment to building capacity and ensuring that Nigerian firms can thrive sustainably in the industry.
