Former Minister of State for Petroleum Resources, Prof. Emmanuel Ibe Kachikwu, has urged a significant expansion of the Nigerian Content Intervention Fund (NCI Fund) from its current US$450 million to $1 billion, arguing that such an increase is necessary to finance mega oil and gas projects, establish local pipe mills, and manufacture other critical industry equipment.

Kachikwu, who chaired the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) from 2016 to 2019, made the call on Monday while delivering a Business Mentorship Lecture organised by the NCDMB. The lecture attracted nearly 500 participants across Zoom and YouTube.

According to him, a larger NCI Fund would provide the seed capital required for block development, access to cutting-edge technology, skill acquisition, and equipment financing. He suggested that contributions to the fund should extend beyond government, with operators and private investors also playing key roles.

The former minister criticised the tendency of some oil block awardees to treat licences as “certificates of occupancy”, with little effort made to develop the assets, leading to massive national losses. He recommended that the government revoke undeveloped blocks after prolonged inactivity. “We need to find a way to force performance in the industry,” he said, adding that contract winners must also show timelines and tangible joint ventures when committing to local production of equipment.

On the global investment climate, Kachikwu argued that Nigeria’s ability to attract much-needed funding depends on improving investor confidence and regulatory perception. “There is a lot of money waiting to be tapped, but it is only going to countries where there is a perception of regularity,” he said. He further advised that the government explore co-investing with private players where returns are promising, while also portraying Nigeria as a destination for stable, profitable investment.

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Kachikwu praised the progress made by indigenous operators such as Seplat, Aiteo, Oando Energy Resources, and Heirs Oil and Gas in acquiring divested assets from international oil companies.

However, he warned that asset transfers alone are not enough, stressing that increased production, proper management, and strict accountability must follow. “My greatest fear is that without principled accounting, supervision, and effective oversight, indigenous companies may profit while the federal government loses revenue,” he cautioned, urging the involvement of host communities to prevent conflicts seen in the past.

Reflecting on his tenure as minister, he reiterated that local content must remain the foundation of Nigeria’s energy future. “Local content is not just a slogan, it is a tool for industrialisation, job creation, and knowledge transfer,” he said, emphasising that his policies had compelled international oil companies to prioritise Nigerian participation, resulting in the rise of local operators and skilled professionals.

Offering career advice to young professionals, Kachikwu underscored the importance of adaptability in a rapidly changing industry. “The oil industry may be facing disruption, but it is also full of opportunities. Careers now demand more than technical skills; they require creativity and a sense of responsibility to both people and the environment,” he said. He encouraged them to build relevant skills, maintain strong ethics, and approach their careers as marathons rather than sprints.

Earlier in his welcome address, NCDMB’s Director of Capacity Building, Engr. Abayomi Bamidele, who represented the Executive Secretary, Engr. Felix Omatsola Ogbe explained that the mentorship lecture series was created to nurture excellence in line with sections 67 and 70n of the Nigerian Oil and Gas Industry Content Development Act of 2010.

Closing the session, NCDMB’s General Manager of Corporate Communications, Dr. Obinna Ezeobi, thanked Kachikwu for his insights and recalled his pivotal contributions to the Board’s history, including the establishment of the $200m NCI Fund, which has since grown to $450m under the management of the Bank of Industry and Nexim Bank. He noted that the Waltersmith Refinery, which Kachikwu signed off on during his tenure, stands as a testament to the Board’s enabling role.

Ezeobi reaffirmed NCDMB’s dual role as both a regulator and enabler of Nigerian content, stressing that the Business Mentorship Lecture Series will continue to provide a vital platform for educating and inspiring industry stakeholders.

Meiza Nigeria