Over 130 Nigerian firms benefit from NCDMB’s local content funding boost
A total of 132 Nigerian companies have received significant financial support from the Nigerian Content Development and Monitoring Board (NCDMB) to strengthen local participation in the oil and gas sector. The funds, totaling N51.7bn and $359m, are aimed at building capacity and promoting indigenous ownership of critical assets. Abdulmalik Halilu of NCDMB highlighted that these efforts have raised local content participation to 61% as of 2024. The initiative traces its roots to policies started under Olusegun Obasanjo and expanded by Goodluck Jonathan.
TLDR
- 132 Nigerian firms accessed N51.7bn and $359m from NCDMB’s intervention funds as of 2024.
- Funding supports manufacturing, asset acquisition, contract financing, and loan refinancing.
- Local content participation in oil and gas rose from 44% to 61% in three years, according to Abdulmalik Halilu.
- The NLNG Train-7 project alone created jobs for 8,000 Nigerians and engaged 1,400 local vendors.
- NCDMB’s local content drive now extends across Africa, with Nigeria leading regional initiatives like the Africa Energy Bank.
