NCDMB channels N51.7bn, $359m to boost indigenous oil, gas companies

No fewer than 132 Nigerian firms have benefited from a combined N51.785 billion and $359.653 million disbursed through local content intervention funds aimed at strengthening indigenous participation in Nigeria’s oil and gas industry.

The Director of Corporate Services at the Nigerian Content Development and Monitoring Board (NCDMB), Mr Abdulmalik Halilu, disclosed this on Monday in Abuja during a media stakeholders’ workshop.

Halilu explained that the funding was accessed through key financing platforms, including the $350 million Nigerian Content Intervention Fund, the $50 million Working Capital Fund supported by the Nigerian Export-Import Bank (NEXIM), and the Women in Oil and Gas Fund.

A breakdown of the disbursements showed that three manufacturing companies received N7.561 billion, while 38 firms accessed N22.144 billion and $205.666 million for asset acquisition.

Additionally, 10 companies secured N2.232 billion and $24.728 million to execute contracts, while 25 firms benefited N15.98 billion and $115.998 million for loan refinancing.

According to Halilu, the intervention funds have played a major role in expanding local participation in the sector, which has grown from 44 per cent three years ago to 61 per cent in 2025.

He cited flagship projects such as the Nigeria Liquefied Natural Gas (NLNG) Train-7 as clear evidence of the impact of local content policies, noting that the project engaged about 8,000 Nigerians, with minimal expatriate involvement.

Halilu said the NCDMB operates under two core mandates provided by the Nigerian Oil and Gas Industry Content Development Act — capacity building and enforcement — adding that effective enforcement depends on the availability of strong local capacity.

He noted that the Act outlines detailed implementation frameworks through 17 broad schedules and nearly 300 performance indicators designed to promote industrialisation, job creation, research and development, ownership of critical assets and sustainable indigenous participation.

“The local content initiative is designed to ensure that Nigerians are not only participants but owners of strategic assets, capable of running sustainable and profitable operations,” Halilu said.

He added that legacy investments, such as the FPSO integration yard in Lador, have encouraged large-scale indigenous investment by providing infrastructure that supports future projects and reduces reliance on foreign capacity.

“This is about domestication, industrialisation and global competitiveness.

“Local content is not about indigenisation or the supply of inferior products; it is a strategic approach to ensuring Nigeria captures full value from its oil and gas resources,” he stated.