Emmanuel Yusuf, managing director of the Nigerian content development fund (NCDF), says about 130 indigenous companies in Nigeria’s upstream oil and gas industry have received more than $400 million in support from the fund.
Yusuf spoke in Uyo on Thursday during the launch of the Nigerian content fund compliance certificate portal, organised by the Nigerian Content Development and Monitoring Board (NCDMB) for stakeholders.
He said the portal would provide a digitised process to facilitate faster access to funds.
Yusuf said the digitalised system would improve service efficiency and make its impact measurable, as operators and contractors would have easier access to funding, regulators would benefit from improved data collation, and investors’ confidence would increase.
“The Nigerian Oil & Gas Industry Content Development Act specifies that the sum of one percent of every contract awarded to any operator, contractor, sub-contractor, alliance partner or any other entity involved in any project, operation, activity or transaction in the upstream of the Nigerian oil and gas industry shall be deducted at source and paid into the fund,” Yusuf said.
“This certificate is proof of compliance, the key that unlocks access to the Fund, and assurance that obligations are being met in line with national development goals. Over the years, the Fund has been transformative.
“Nigerian Content has risen to over 60 per cent, meaning more value, jobs, and expertise now reside within our country. More than $400 million has supported over 130 indigenous companies, addressing the critical challenge of access to finance.”
Yusuf said strategic initiatives such as “Project 100” had strengthened local capacity, while innovative financing tools, including a $100 million equity investment scheme, were helping to ensure sustainability.
He said compliance confirmation was previously handled manually, with companies required to submit physical documents, wait for verification and endure delays that often lasted weeks.
Yusuf said the process slowed project approvals, created uncertainty and limited transparency for regulators and investors.
“With the launch of this portal, compliance becomes faster, simpler, and more transparent,” he said.
“The portal will cut certificate processing time from weeks to days; allow online applications without physical visits or paperwork; provide instant status updates, eliminating uncertainty; enable regulators to verify compliance in real time and create a single digital record that investors and lenders can trust.”
Felix Ogbe, executive secretary of the NCDMB, said the NCDMB recognises that “effective implementation of Nigerian content requires continuous engagement, collaboration and capacity building”.
Ogbe said programmes such as the sensitisation exercise were important platforms for listening to stakeholders, clarifying areas of concern and ensuring that the systems and processes provided by the board were well understood and effectively utilised
