Emmanuel Ibe Kachikwu urges bold \$1bn NCI Fund boost to finance large-scale oil and gas projects and strengthen Nigeria’s local content growth

Emmanuel Ibe Kachikwu, former Minister of State for Petroleum Resources, has called for an increase in the Nigerian Content Intervention Fund (NCI Fund) from \$450 million to \$1 billion.

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He argued that a bigger fund would power large-scale oil and gas projects, from establishing pipe mills to producing vital equipment for industry growth.

Speaking at the Nigerian Content Development and Monitoring Board’s (NCDMB) Business Mentorship Lecture Series on September 8, 2025, Kachikwu said the NCI Fund should not rely solely on government resources but attract contributions from operators and private investors.

He noted that a \$1bn fund would provide crucial seed capital for block development, technology access, and skills acquisition.

The former minister, who chaired the NCDMB Governing Council between 2016 and 2019, cautioned that many block awardees treat their licenses like “certificates of occupancy” without developing them.

He advised government to cancel dormant blocks, stressing the need for timelines and accountability in both contracts and investments.

Kachikwu also linked investment inflows to Nigeria’s image, warning that global funds are flowing to countries perceived as stable.

“Government needs to create the right climate to attract investment,” he said, suggesting co-investment with private firms where returns are promising.

He praised the rise of indigenous operators such as Seplat, Aiteo, Oando Energy Resources, and Heirs Oil and Gas, while warning that ownership transfers must come with improved performance, compliance, and community engagement.

Without proper oversight, he cautioned, indigenous firms may profit while the federal government loses revenue.

The former minister emphasized that local content is not just a slogan but a tool for industrialization, job creation, and knowledge transfer.

He urged consistency in policies that empower Nigerian professionals and companies.

Offering career guidance, Kachikwu advised young professionals to embrace adaptability, integrity, and patience.

“The industry is not just about barrels and dollars; it’s about national survival, community welfare, and the environment,” he said, urging resilience in a sector undergoing global disruption.

NCDMB officials lauded Kachikwu’s contributions, recalling his role in launching the US\$200m NCI Fund—now grown to US\$450m—and the Waltersmith Refinery investment.

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They reaffirmed the Board’s commitment to enabling local businesses through initiatives like the Business Mentorship Lecture Series, which drew nearly 500 participants across Zoom and YouTube.