The Nigerian Content Development and Monitoring Board (NCDMB) has earmarked N15 billion for its revised Community Contractors Financing Scheme to tackle funding challenges faced by local contractors in the oil and gas industry.
Speaking at the 13th Practical Nigerian Content Forum in Yenagoa, Bayelsa State, the Executive Secretary, Felix Ogbe, announced that the single obligor limit for contractors had been increased from N20 million to N100 million.
“This initiative addresses a critical barrier for local contractors—access to funding for contracts awarded by oil and gas companies. N15 billion has been set aside, and the single obligor limit raised to N100 million,” Ogbe stated.
Ogbe also unveiled the ‘Back to the Creek ‘ initiative, aimed at equipping youth from oil-producing communities with skills to meet industry demands. The program will be implemented in three phases: improving primary and secondary education infrastructure, awarding scholarships, and facilitating job opportunities for top-performing students.
“This aligns with President Bola Tinubu’s mandate to create an enabling environment for businesses. It supports the local content drive by empowering host communities,” he added.
Key Achievements and Goals
Ogbe highlighted the board’s achievements under its 10-year strategic roadmap launched in 2017, which focuses on building the capacity of Nigerian companies and individuals in the oil and gas industry. Notable milestones include:
– The unveiling of Amal Technologies in Abuja and the Kwale Gas Gathering facility in Delta State.
– Issuance of 402 Nigerian Content Compliance Certificates and approval of 312 Nigerian Content Plans.
– Launching Bell Oil and Gas’ 50,000 metric-tonne Oil Country Tubular Goods facility at the Lekki Free Trade Zone.
– Establishment of the Nigeria Oil and Gas Park Scheme in Bayelsa, Cross River, and Akwa Ibom States.
According to Ogbe, the Nigerian content level in the oil and gas sector has risen from 26% in 2016 to 56% in 2024.
Supporting Local Capacity
The NCDMB has further committed to developing zonal offices across Nigeria to enhance the deployment of its personnel and improve service delivery.
The board’s Nigerian Content Intervention Fund, initially launched in 2017 with $200 million, was expanded to $300 million in 2020 to boost the capacity of indigenous companies.
“As we move forward, let us embrace collaboration and resilience. In the words of Nelson Mandela, ‘It always seems impossible until it’s done.’ Together, we can show what is possible when vision, action, and opportunity align,” Ogbe concluded.
