The Nigerian Content Development and Monitoring Board (NCDMB) has disclosed that a total of 132 Nigerian companies accessed N51.785 billion and $359.653 million from local content intervention funds aimed at promoting indigenous participation in the country’s oil and gas sector.
It said the funding, designed to strengthen the capacity of Nigerian firms, includes the $350 million Nigerian Content Intervention Fund, the $50 million Working Capital Fund, which is supported by NEXIM Bank, and the Women in Oil and Gas Fund.
The data showed that 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.
NCDMB Director of Corporate Services, Abdulmalik Halilu, said at a media stakeholders workshop that 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.
“Local content is about domestication based on global best practices, not mere indigenisation or promotion of inferior goods,” he said.
According to him, NCDMB has two core mandates under the Nigerian Oil and Gas Industry Content Development Act: capacity building and enforcement.
“You cannot enforce local content without capacity. The Act contains 17 broad schedules and about 300 specific performance indicators,” he stated.
According to Halilu, “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 further explained the Board’s structured approach, saying every intervention is based on a clear framework and roadmap, with assigned ownership and performance scorecards. What doesn’t get measured doesn’t get done.
He described the NLNG Train-7 as a model project, noting that 8,000 Nigerians were employed alongside 500 expatriates, and 1,400 vendors were engaged. Key achievements included local fabrication of pressure vessels, certified pumps, boots, and cables, with capacities now leveraged by other sectors, including power and construction.
The NCDMB General Manager of Corporate Communications, Obinna Ezeobi, said the Board would continue to support journalists through capacity-building initiatives to improve reporting on the industry.
