The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Export-Import Bank (NEXIM) have jointly disbursed about $42 million in loans to small and medium enterprises (SMEs) to enhance indigenous participation in Nigeria’s oil and gas industry.
Head of Specialized Business at NEXIM, Muhammed Z. Awami, disclosed this during a panel session at the NCDMB Stakeholders’ Sensitization and Engagement Forum in Port Harcourt, Rivers State. He said the board’s Working Capital and Capacity Fund, initially pegged at $30 million, was exceeded to accommodate more local players.
Awami urged registered Nigerian oil service providers attached to international and national oil companies to leverage the fund, which provides flexible and accessible financing. He explained that beneficiaries are monitored to ensure proper utilization of disbursed funds.
“So far, we have disbursed about $42 million from the $30 million fund. We eased collateral requirements using tools like receivable assignments and insurance to help more firms access the facility,” Awami said.
Executive Secretary of NCDMB, Felix Omatsola Ogbe, represented by Dr Osa Uchendu, said the engagement provided an opportunity to deliberate with stakeholders on ways to expand indigenous involvement in the oil and gas value chain.
Also speaking, the Group Head of Oil and Gas at the Bank of Industry, Gabriel Yemidale, noted that the Nigerian Content Intervention Fund (NCI Fund) has grown from N200 million in 2017 to N300 million in 2023. He explained that multiple financing options — including community financing and contract financing up to $5 million per obligor — are available to support local businesses.
He added that the NCDMB’s goal is to empower grassroots enterprises and ensure sustainable local content growth within the sector.
