The Nigerian Content Development & Monitoring Board (NCDMB) and the Bank of Industry (BoI) on Tuesday signed a Memorandum of Understanding (MoU) to establish the $100 million Nigerian Content Intervention Fund (NCIF) Equity Scheme.

The signing took place during the Practical Nigerian Content Forum in Yenagoa, Bayelsa State.

Executive Secretary of NCDMB, Engr. Felix Ogbe, signed on behalf of the Board, while Managing Director of BoI, Dr. Olasupo Olusi, signed for the bank. Engr. Ogbe described the signing as a landmark development and milestone in local content financing.

“As part of our efforts to provide affordable finance for indigenous players in the industry, we have established the $100 million NCIF Equity Investment Scheme in partnership with BoI.

This fund will provide equity financing to high-growth Nigerian energy service companies, diversify the NCIF’s income base, and strengthen local content development,” Ogbe said.

Dr. Olusi, in his goodwill message, hailed the partnership as a significant expansion of the bank’s longstanding collaboration with NCDMB.

“Through the $100 million NCIF Equity Investment Fund, BoI will deploy equity and quasi-equity capital to support high-potential Nigerian companies, complementing traditional debt financing and improving access to long-term risk capital required for scale, competitiveness, and value creation,” he explained.

He added that the fund is structured with a single obligor limit of $5 million, designed to catalyze multiple high-impact investments while ensuring strong governance and prudent risk management.

“Our goal is to ensure that the capital generates credible commercial returns while advancing national priorities, including local content development, manufacturing expansion, job creation, and technology transfer,” Olusi said.

The collaboration aligns with NCDMB’s 10-year roadmap and Nigeria’s broader industrial development objectives, underscoring the commitment of both institutions to growing indigenous capacity in the energy sector.