In a major boost for Nigeria’s oil and gas industry, over 130 indigenous companies have tapped into the $400 million Nigerian Content Intervention (NCI) Fund to enhance capacity and deepen local participation in the sector. The move marks a significant step forward in the nation’s long-standing drive to promote local content and reduce dependence on foreign service providers in critical aspects of the oil and gas value chain.
The Nigerian Content Development and Monitoring Board (NCDMB), which oversees the administration of the fund, disclosed that the facility has provided crucial financial support to homegrown oil and gas firms, enabling them to acquire equipment, invest in key infrastructure, and expand their operations both onshore and offshore.
Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, revealed that the fund—managed in partnership with the Bank of Industry (BoI)—was designed to support qualified indigenous service providers and manufacturers in line with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. The initiative is also part of broader efforts to retain more value within the country and create jobs through the domestication of oil sector activities.
Ogbe stated that since its inception, the NCI Fund has recorded remarkable success in boosting the financial capacity of Nigerian companies, many of whom previously struggled to access funding from commercial banks due to high-interest rates and tough collateral requirements. The fund offers loans at single-digit interest rates and with flexible repayment terms, making it more accessible to small and medium-scale players within the industry.
Beneficiaries of the fund have spread across various segments of the oil and gas sector, including fabrication, engineering, marine services, manufacturing of components, and logistics. Some firms have used the facility to build modular refineries, acquire vessels, or establish pipe mills and valve production facilities that were previously dominated by foreign firms.
The NCDMB boss also reiterated the Board’s commitment to ensuring that Nigerian companies are not just participants but major players in the oil and gas sector. He emphasized that the Board will continue to enforce compliance with local content regulations while also facilitating access to finance and technical support.
The development comes as the Nigerian government intensifies its push for economic diversification and value addition in extractive industries. With the oil sector still accounting for a large portion of national revenue, stakeholders see increased indigenous participation as vital for sustainable growth, especially in the face of global energy transition pressures.
Analysts believe that continued access to the NCI Fund will not only empower local firms but also strengthen Nigeria’s overall energy security by fostering domestic capacity in critical supply chains. The intervention is also expected to contribute significantly to job creation, technology transfer, and the retention of capital within the local economy.
As the sector evolves, the NCDMB says it will also introduce additional funding windows to support research, innovation, and low-carbon technologies in alignment with global energy trends and Nigeria’s climate commitments.