Mkpoikana Udoma
Port Harcourt — Former Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has called for an expansion of the Nigerian Content Intervention Fund, NCI Fund, from its current $450 million to $1 billion, to boost financing for large-scale oil and gas projects, pipe mills, and manufacturing of critical equipment in the sector.
Speaking at the Business Mentorship Lecture Series organised virtually by the Nigerian Content Development and Monitoring Board, NCDMB, Kachikwu said a larger fund would serve as seed capital for developing oil blocks, building infrastructure, and accessing advanced technology.
He said, “A $1bn fund is critical if we want to support mega projects in-country.This should not just be government money. Operators and other investors must also contribute. We need sustainable capital pools that can fund pipe mills, fabrication yards, and technology hubs.”
Kachikwu, who chaired the NCDMB Governing Council between 2016 and 2019, lamented the practice of oil block awardees holding licenses without developing them, likening it to “treating blocks like certificates of occupancy.”
“We need to find a way to force performance in the industry. Some companies get contracts to import pipelines with proviso to invest locally. You have to show the joint venture, the technology partner, and the funding plan. Government must cancel blocks that remain idle for too long.”
On attracting global funding, the former minister stressed that Nigeria’s image and regulatory consistency were decisive factors for investors.
“There is a lot of money waiting to be tapped, but it is only going to countries where there is a perception of regularity. Government needs to create the right investment climate. Nigeria must be seen as the place where you can put money and get good returns.”
He further recommended that the government consider co-investing with private firms where strong prospects of returns exist.
While commending indigenous oil companies like Seplat, Aiteo, Oando, and Heirs Oil & Gas for taking over assets from IOCs, Kachikwu warned that ownership alone was not enough.
“My greatest fear is that without principled accounting, supervision, and effective oversight, indigenous companies may profit while the federal government loses revenue,” he said.
Kachikwu used the platform to mentor young professionals, urging them to combine technical expertise with ethics and adaptability.
“The oil industry may be facing disruption, but it is also full of opportunities. Careers now demand creativity, resilience, and responsibility to people and the environment,” he counselled.
The event drew nearly 500 participants on Zoom and YouTube, with the NCDMB describing it as part of its mandate under the Nigerian Oil and Gas Industry Content Development, NOGICD, Act to build capacity and foster innovation.
In his closing remarks, NCDMB’s General Manager, Corporate Communications, Dr. Obinna Ezeobi, lauded Kachikwu’s deep insights, recalling his role in launching the $200m NCI Fund in 2017, which has since grown to $450m under the management of the Bank of Industry and Nexim Bank.
“The NCI Fund remains one of our proudest legacies,” Ezeobi said. “This lecture series continues to be a platform for equipping Nigerian businesses with knowledge and opportunities.”
