Over 130 Nigerian-owned oil and gas companies have successfully accessed investment capital from the $400 million Nigerian Content Intervention (NCI) Fund, a strategic financing initiative managed by the Nigerian Content Development and Monitoring Board (NCDMB) in collaboration with the Bank of Industry (BOI) and the Nigerian Export-Import Bank (NEXIM).
The fund is a key driver in the government’s efforts to promote local content and indigenous participation in Nigeria’s oil and gas sector by bridging critical funding gaps.
Speaking during a sensitization session in Lagos, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, disclosed that the fund has benefited over 130 firms through various loan offerings, including manufacturing, asset acquisition, contract financing, loan refinancing, and community contractor financing.
“As of today, about 130 companies have accessed and benefited from this Fund across various product lines,” said Ogbe. “Work is ongoing to ensure more indigenous companies in the industry gain access.”
The Board also unveiled major updates to the Nigerian Content Development Fund (NCDF) Payment Portal, designed to improve efficiency, user experience, and real-time compliance tracking. Ogbe emphasized that these changes are timely, particularly with anticipated increased inflows resulting from the Board’s new Compliance Certificate System.
This compliance system is aimed at ensuring that all oil and gas projects strictly adhere to Nigerian content requirements. With it, companies can now demonstrate conformity through an objective, trackable standard, while regulators gain clearer oversight.
“For the system to be effective, stakeholders must be adequately informed. This program provides an opportunity for hands-on engagement and clarification,” Ogbe added.
In a renewed commitment to inclusive economic growth, the NCDMB also announced the revamp of its Community Contractors Finance Scheme. The new version, developed in collaboration with First City Monument Bank (FCMB) and other financial institutions, removes access barriers and opens up financing for genuine host community contractors.
This initiative is aimed at fostering shared prosperity and empowering local enterprises in oil-producing areas.
“The revised scheme is a bold reimagination of our support for host community contractors. It aligns with our strategic goal of enabling inclusive growth in the Nigerian oil and gas ecosystem,” said Ogbe.
Why This Matters to MSMEs
For MSMEs in the oil and gas value chain, from engineering services to equipment suppliers, the NCI Fund and its related schemes represent a rare window of opportunity to scale operations, improve liquidity, and participate more competitively in the sector.
As the Board ramps up its awareness and capacity-building efforts, more indigenous businesses are expected to benefit from the intervention.
