Nigerian Content Development and Monitoring Board (NCDMB) has revealed that about 130 indigenous oil and gas companies have received more than $400 million from the Nigerian Content Development Fund.
Gatekeepers News reports that Emmanuel Yusuf, Managing Director of the Nigerian Content Development Fund, disclosed this in Uyo, Akwa Ibom State, during the launch of the Nigerian Content Fund Compliance Certificate portal organised by the NCDMB for industry stakeholders.
Yusuf said the fund was established to provide financial support to indigenous companies and strengthen local participation in Nigeria’s oil and gas sector.
The NCDMB has developed various funding initiatives to improve access to finance for Nigerian oil and gas service companies. These include the $300 million Nigerian Content Intervention Fund managed with the Bank of Industry and a $100 million matched fund with NEXIM Bank.
The agency has also expanded its financing interventions to support areas including manufacturing, asset acquisition, project financing and loan refinancing.
The latest disclosure highlights the government’s efforts to deepen indigenous participation in the petroleum industry by improving local companies’ access to capital and strengthening their capacity to compete in the sector.
