132 Nigerian companies have accessed N51.8bn and $359.7m from local content funds, boosting indigenous participation in the oil and gas sector, NCDMB reports

A total of 132 Nigerian companies have accessed N51.785 billion and $359.653 million from local content intervention funds, the Nigerian Content Development and Monitoring Board (NCDMB) disclosed on Monday.

Also read: Hussaini denies governorship bid, affirms Tinubu loyalty

The funds, which include the $350 million Nigerian Content Intervention Fund, the $50 million Working Capital Fund backed by NEXIM Bank, and the Women in Oil and Gas Fund, are designed to strengthen the capacity of Nigerian firms in the oil and gas sector.

Data from the NCDMB 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 for contracts, while 25 companies benefited from N15.98 billion and $115.998 million for loan refinancing.

Speaking at a media stakeholders workshop in Abuja, Abdulmalik Halilu, NCDMB Director of Corporate Services, highlighted the impact of the funding on local participation, which increased from 44 per cent three years ago to 61 per cent in 2025.

“The NLNG Train-7 project alone engaged about 8,000 Nigerians, highlighting the tangible impact of local content policies,” he said.

Halilu stressed that local content is about domestication based on global best practices, not merely indigenisation or promotion of inferior products.

He outlined the Board’s dual mandate under the Nigerian Oil and Gas Industry Content Development Act: capacity building and enforcement.

“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,” Halilu said.

Tracing the history of local content, he noted that the policy began in 2001 under President Olusegun Obasanjo and was entrenched by the 2010 Nigerian Oil and Gas Industry Content Act under President Goodluck Jonathan.

The policy ensures in-country value addition while maintaining global standards.

Highlighting successful projects, Halilu pointed to NLNG Train-7, which employed 8,000 Nigerians alongside 500 expatriates and engaged 1,400 vendors, with local fabrication of critical components such as pressure vessels, certified pumps, boots, and cables.

Looking regionally, Halilu said NCDMB is promoting local content across Africa through initiatives such as the African Petroleum Producers’ Organisation, the Africa Energy Bank, and the Brazzaville Accord.

Also read: Husain reaffirms loyal stand as APC decides Osun primary

Obinna Ezeobi, NCDMB General Manager of Corporate Communications, assured that the Board would continue capacity-building initiatives for journalists to enhance reporting on the industry.