The Nigerian Content Development and Monitoring Board (NCDMB) has revealed that 132 local companies have accessed N574.8 billion in intervention funding aimed at boosting indigenous participation in the oil and gas sector. The funding comprises N51.785 billion and $359.653 million and includes support from the $350 million Nigerian Content Intervention Fund, the $50 million NEXIM-backed Working Capital Fund, and the Women in Oil and Gas Fund.

According to NCDMB data, three manufacturing firms accessed N7.561 billion, 38 companies received N22.144 billion and $205.666 million for asset acquisition, 10 firms obtained N2.232 billion and $24.728 million to finance contracts, and 25 companies benefitted from N15.98 billion and $115.998 million in loan refinancing.

Dr. Abdulmalik Halilu, Director of Corporate Services at NCDMB, disclosed at a media workshop in Abuja that the funding has increased Nigerian participation in the industry from 44% three years ago to 61% this year. He cited the NLNG Train-7 project, which employed about 8,000 Nigerians, as an example.

Halilu emphasized that local content is not mere indigenisation or promotion of inferior goods, but the domestication of industry standards following global best practices. He added that the NCDMB’s mandate focuses on capacity building and enforcement to meet over 300 performance targets outlined in the Nigerian Oil and Gas Industry Content Development Act.

“Local content drives industrialisation, research, job creation, environmental responsibility, and sustainable operations while fostering profitable indigenous participation,” Halilu stated.