The Nigerian Content Development & Monitoring Board (NCDMB) and the Bank of Industry (BoI) on Tuesday 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 said the signing of the equity scheme is a landmark development and a mile stone.
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.
“The structure of this Fund reflects BOI’s proven equity investment approach, anchored on rigorous due diligence, disciplined investment review processes, and robust post-investment monitoring.”
He said their objective is to ensure that deployed capital generates credible commercial returns while advancing national priorities in local content development, manufacturing expansion, job creation, and technology transfer.
“We are proud to partner with NCDMB on this milestone initiative, which aligns fully with the board’s (NCMDB) 10-year roadmap and Nigeria’s broader industrial development,” Olusi said.
