A total of 132 Nigerian companies have accessed N51.785 billion and $359.653 million from local content intervention funds designed to boost indigenous participation in the country’s oil and gas sector, the Nigerian Content Development and Monitoring Board (NCDMB) has disclosed.
The funding packages include the $350 million Nigerian Content Intervention Fund, the N50 million Working Capital Fund supported by NEXIM Bank, and the Women in Oil and Gas Fund. According to fresh data released by the NCDMB on Monday, three manufacturing firms received N7.561 billion, 38 companies secured N22.144 billion and $205.666 million for asset acquisition, 10 firms obtained N2.232 billion and $24.728 million to finance contracts, while 25 companies benefited from N15.98 billion and $115.998 million for loan refinancing.
Okay News reports that speaking at a media stakeholders workshop in Abuja, the NCDMB Director of Corporate Services, Abdulmalik Halilu, said the funding has significantly increased local participation in the sector, rising from 44 per cent three years ago to 61 per cent this year. “The NLNG Train-7 project alone engaged about 8,000 Nigerians, highlighting the tangible impact of local content policies,” he noted.
Halilu explained that NCDMB has two core mandates under the Nigerian Oil and Gas Industry Content Development Act: capacity building and enforcement. “Local content drives industrialisation, job creation, research ecosystem development, ownership of critical assets, sustainable operations, environmental responsibility, and profitable indigenous participation in the oil and gas sector,” he said.
He traced the policy’s origins to 2001 under President Olusegun Obasanjo, when a study revealed that the oil and gas industry prioritised revenue over in-country value addition. This led to the creation of a Nigerian Content Division within NNPC. The policy was later entrenched by the 2010 Nigerian Oil and Gas Industry Content Act under President Goodluck Jonathan to ensure local content remained a sustainable feature of the sector.
Halilu highlighted NLNG Train-7 as a model project, employing 8,000 Nigerians alongside 500 expatriates, and engaging 1,400 vendors. Key achievements included local fabrication of pressure vessels, certified pumps, boots, and cables, with capacities now leveraged by other sectors, including power and construction.
He also noted that the NCDMB is promoting local content development across Africa through initiatives such as the African Petroleum Producers’ Organisation, the Africa Energy Bank, and the Brazzaville Accord, stressing that Nigeria alone cannot provide a sufficiently large market for certain high-end investments.
Obinna Ezeobi, NCDMB General Manager of Corporate Communications, said the Board will continue supporting journalists through capacity-building programs to improve reporting on the industry.
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