Kachikwu Proposes $1bn Fund, Policy Review to Revive Oil, Gas Investment
Prof. Emmanuel Ibe Kachikwu, a former Minister of State for Petroleum Resources, has proposed expanding the Nigerian Content Intervention Fund (NCI Fund) to $1 billion and reviewing existing oil and gas policies to attract foreign investment and unlock new partnerships in the sector.
Speaking at the Nigerian Content Development and Monitoring Board’s (NCDMB) Business Mentorship Lecture Series, held virtually, Kachikwu said Nigeria must improve its global image and investment climate to tap into the pool of funds available for energy projects worldwide.
“There is enough investment money out there if you have a holding of hands. They need to portray Nigeria as the place you can put money and get good returns,” he said, stressing that capital only flows to countries perceived as stable and well-regulated.
Kachikwu proposed expanding 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 manufacture critical industry equipment. He added that oil firms should provide clear timelines for developing blocks and executing contracts tied to investment commitments.
The former minister, who chaired the NCDMB Governing Council between 2016 and 2019, said an enlarged fund should be financed not only by government but also by operators and investors, to serve as seed capital for block development, technology access and capacity building.
He commended the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, for sustaining the Board’s mission and recording notable achievements. Reflecting on his tenure, he recalled the launch of the $200 million NCI Fund, which has since grown to $450 million under the management of the Bank of Industry and Nexim Bank.
NCDMB’s Director of Capacity Building, Engr. Abayomi Bamidele, who represented the Executive Secretary, said the lecture series advances the Board’s mandate under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 to promote local content through workshops and seminars.
Closing the event, the Board’s General Manager of Corporate Communications, Dr. Obinna Ezeobi, lauded Kachikwu for his insights and recalled his pivotal role in projects such as the Waltersmith Refinery and the initial launch of the NCI Fund.
