The Nigerian Content Development and Monitoring Board (NCDMB) has disbursed over $350 million under its Nigerian Content Intervention Fund (NCIFund) to support indigenous oil and gas companies.
The fund, managed in partnership with the Bank of Industry (BoI), provides low-interest loans to local service providers to enable them to acquire assets, execute contracts, and expand operations.
Executive Secretary of NCDMB, Mr Felix Ogbe, speaking at a strategic engagement with media practitioners and youth stakeholders in Port Harcourt, Rivers State, said the intervention was designed to eliminate funding bottlenecks that hinder local participation in the sector.
Mr Ogbe, represented by the Director of Corporate Services, Mr Abdulmalik Halilu, outlined milestones of Nigerian Content implementation.
“Without access to affordable financing, our indigenous companies cannot compete. This Fund is helping them build capacity and deliver on contracts that would otherwise go to foreign firms,” he explained.
Mr Ogbe disclosed that beneficiaries of the scheme include companies involved in fabrication, engineering services, marine logistics, and oilfield technology, adding that the board monitors the utilization of the funds to ensure they translate into measurable value addition.
“Every Dollar we lend must create jobs, build capacity, and deepen Nigerian Content. That is our guiding principle,” Mr Ogbe stressed.
The NCDMB boss further described the NCIFund as a game-changer, enabling local firms to scale up and contribute meaningfully to Nigeria’s oil and gas output.