Minister of State, Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has said that Nigeria needs to attract substantial part of the $700 billion global investment target, which the world plans to raise, to avoid an energy crisis.
He noted that global emphasis has shifted from energy transition or NexZero to investment in fossil fuel. He spoke yesterday in Yenagoa, Bayelsa State, during the Practical Nigerian Content Forum organized by the Nigerian Content Development & Monitoring Board (NCDMB).
The summit has the theme: “Securing investments, strengthening local content and securing energy production.” He said: “The United Nation 2029 outlook says that the world needs to invest a minimum of $700 billion to avoid an energy crisis. So, this is the time for us to attract whatever investment we can attract in the oil and gas sector. We must cash on the momentum to attract all these investments we can attract.”
During the event, the NCDMB) and the Bank of Industry (BoI) signed a Memorandum of Understanding (MoU) for the $100 million Nigerian Content Intervention Fund (NCIF) Equity Scheme. Executive Secretary, NCDMB, Engr Felix Ogbe signed for the Board while Managing Director, BoI, Dr Olasupo Olusi signed for the bank during Practical Nigerian Content Forum in Yenagoa, Bayelsa State. Ogbe described the signing of the equity scheme as a landmark development and a milestone.
He said: “As part of our efforts to provide affordable finance for local players in the industry, we have concluded arrangements to establish the $100 Million Equity Investment Scheme in partnership with the Bank of Industry. This is a new product in our Nigerian Content Intervention Fund.
“This finance scheme will provide equity financing to high-growth indigenous energy service companies while diversifying our NCDF’s income base and strengthening local content development.”
Olusi, after the signing ceremony, while delivering his good will message said it was a pleasure to join the NCDMB for the signing of the Memorandum of Understanding establishing the Nigerian Content Intervention Fund Equity Investment Scheme. He said the collaboration marked a significant expansion of their long-standing relationship.
Olusi said: “Through the $100 million NCIF Equity Investment Fund, the Bank of Industry will deploy equity and quasi-equity capital to support high-potential Nigerian companies, complementing traditional debt financing and strengthening access to the long-term risk capital required for scale, competitiveness, and value creation.
“With a single obligor limit of $5 million, the Fund is designed to catalyze multiple high-impact investments while maintaining strong governance and prudent risk management.
