The Nigerian Content Development and Monitoring Board (NCDMB) has disclosed that 132 Nigerian companies have accessed a total of ₦51.785 billion and $359.653 million through local content intervention funds aimed at strengthening indigenous participation and MSME growth in the oil and gas sector.
The funding, drawn from the $350 million Nigerian Content Intervention Fund, the $50 million Working Capital Fund supported by NEXIM Bank, and the Women in Oil and Gas Fund, was designed to build capacity, expand asset ownership and improve competitiveness among Nigerian firms.
Fresh data released by the Board showed that three manufacturing firms received ₦7.561 billion, while 38 companies secured ₦22.144 billion and $205.666 million for asset acquisition. In addition, 10 firms accessed ₦2.232 billion and $24.728 million for contract financing, and 25 companies benefited from ₦15.98 billion and $115.998 million for loan refinancing.
Speaking at a media stakeholders’ workshop in Abuja, NCDMB Director of Corporate Services, Abdulmalik Halilu, said the interventions have significantly boosted local participation in the oil and gas industry, increasing Nigerian content from 44 per cent three years ago to 61 per cent in 2025.
He cited the NLNG Train-7 project as a key example, noting that it engaged about 8,000 Nigerians and over 1,400 local vendors, while supporting local fabrication of pressure vessels, pumps, cables and other critical components.
Halilu explained that the Board’s mandate under the Nigerian Oil and Gas Industry Content Development Act focuses on both capacity building and enforcement, stressing that sustainable local content cannot be achieved without deliberate investment in Nigerian businesses.
He added that local content initiatives have driven job creation, industrialisation, research development and ownership of strategic assets, positioning indigenous companies for long-term profitability and global competitiveness.
The NCDMB also revealed that it is extending Nigeria’s local content framework across Africa through collaborations with the African Petroleum Producers’ Organisation, including initiatives such as the Africa Energy Bank and the Brazzaville Accord.
Meanwhile, NCDMB General Manager of Corporate Communications, Obinna Ezeobi, reaffirmed the Board’s commitment to supporting journalists through continuous capacity-building programmes to strengthen industry reporting.
