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From Adanna Nnamani, Abuja
No fewer than 132 Nigerian companies have accessed a total of N51.785 billion and $359.653 million from local content intervention funds introduced to deepen indigenous participation in the nation’s oil and gas sector.
Nigerian Content Development and Monitoring Board (NCDMB) Director of Corporate Services, Abdulmalik Halilu, disclosed this at a media stakeholders’ workshop in Abuja, on Monday.
Halilu said that the funding was provided through major financing windows, including the $350 million Nigerian Content Intervention Fund, the $50 million Working Capital Fund backed by the Nigerian Export-Import Bank (NEXIM), as well as the Women in Oil and Gas Fund.
According to the Director, three manufacturing firms received N7.561 billion, while 38 companies accessed N22.144 billion and $205.666 million for asset acquisition. Another 10 firms secured N2.232 billion and $24.728 million to finance contracts, while 25 companies benefited N15.98 billion and $115.998 million for loan refinancing.
Halilu noted that the intervention funds have contributed significantly to the steady growth of local participation in the oil and gas industry, which has increased from 44 per cent three years ago to 61 per cent this year.
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He explained that flagship projects such as the Nigeria Liquefied Natural Gas (NLNG) Train-7 demonstrated the tangible impact of local content policies, with about 8,000 Nigerians engaged on the project alongside a limited number of expatriates.
Halilu further states that the Board operates under two key mandates provided by the Nigerian Oil and Gas Industry Content Development Act, namely capacity building and enforcement, stressing that enforcement is ineffective without strong local capacity.
He added that the Act provides detailed frameworks for implementation through 17 broad schedules and nearly 300 performance indicators, all aimed at driving industrialisation, job creation, research and development, ownership of strategic assets and sustainable indigenous participation.
“The local content initiative ensures that Nigerians are not just participants but owners of critical assets, capable of sustainable and profitable operations.
“Through legacy investments, such as the establishment of the FPSO integration yard in Lador, the NCDMB has encouraged large-scale indigenous investment, creating infrastructure that will support future projects and reduce dependence on foreign capacity.
“This is about domestication, industrialisation, and global competitiveness. Local content is not a replacement for indigenisation or supply of inferior goods; it is a strategic pathway to ensure Nigeria captures the full value of its oil and gas sector,” Halilu said.
