Kachikwu proposes $1billion content fund

Former Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, has called for the expansion of the Nigerian Content Intervention Fund (NCI Fund) from its current $450 million to $1 billion to finance large-scale oil and gas projects, establish pipe mills, and boost the manufacture of critical industry equipment.

Speaking at the Nigerian Content Development and Monitoring Board’s (NCDMB) virtual Business Mentorship Lecture Series which attracted nearly 500 participants via Zoom and YouTube, Kachikwu also pressed for oil and gas companies to commit to timelines for developing awarded blocks and executing contracts tied to local investments.

Kachikwu, who chaired NCDMB’s Governing Council between 2016 and 2019, argued that a larger NCI Fund would provide vital seed capital for block development, technology access, skill acquisition, and equipment manufacturing. He urged that contributions should come not only from the government but also from operators and investors.Decrying the culture of treating oil block awards “like certificates of occupancy,” he urged the Federal Government to revoke undeveloped assets.“We need to force performance in the industry,” he said, stressing that companies awarded contracts with local content provisions must demonstrate clear investment plans, joint ventures, foreign partners, and project timelines.On global investment trends, the former minister maintained that Nigeria must repair its image and create a predictable business climate to attract capital.“There’s a lot of money waiting to be tapped, but it only goes to countries where there is regularity.  Investors must see Nigeria as a place where funds are safe and returns are guaranteed,” he said. He further advised the government to consider co-investing with private firms in high-return ventures.

Kachikwu commended indigenous players such as Seplat, Aiteo, Oando Energy Resources, and Heirs Oil and Gas for acquiring divested international oil company (IOC) assets but warned that mere ownership transfers are insufficient without increased production, accountability, and compliance.

“Without principled accounting and effective oversight, indigenous companies may gain while the government loses revenue,” he cautioned, adding that local communities must be fully integrated to avoid past conflicts.

He applauded NCDMB’s Executive Secretary, Engr. Felix Omatsola Ogbe, for sustaining the agency’s mission, recalling his own role in launching the $200million NCI Fund, which has since grown to $450million under the management of the Bank of Industry (BoI) and Nexim Bank.

He emphasized that local content must be viewed as a tool for industrialisation, jobs, and knowledge transfer—not just a slogan.

To young professionals, Kachikwu stressed adaptability and ethics. “The oil industry is full of opportunities despite disruptions. It’s not just about barrels and dollars; it’s about national survival, community welfare, and the environment. Achieving your goals is a marathon, not a sprint—self-belief, patience, and integrity are essential,” he said.

NCDMB’s Director of Capacity Building, Engr. Abayomi Bamidele, who represented the Executive Secretary, highlighted that the lecture series aligns with sections 67 and 70 of the NOGICD Act, which mandate capacity-building initiatives.

In his closing remarks, NCDMB’s General Manager of Corporate Communications, Obinna Ezeobi, hailed Kachikwu’s insights and past contributions, including the Waltersmith Refinery investment, and reaffirmed the Board’s commitment to enabling Nigerian firms to thrive sustainably.

Kachikwu proposes $1billion content fund - The Nation Newspaper