Yenagoa — The Nigerian Content Development and Monitoring Board, NCDMB, has announced the allocation of N15 billion to support local contractors in the oil and gas industry through its revised Community Contractors Financing Scheme.
This initiative, aimed at addressing the financing challenges faced by indigenous contractors, was unveiled on Tuesday at the opening ceremony of the 13th edition of the Practical Nigerian Content Forum, in Yenagoa, Bayelsa State.
According to the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, the scheme is designed to improve access to funding for contractors working on projects awarded by oil and gas companies.
Ogbe, revealed that the financing scheme would increase the single obligor limit from N20 million to N100 million, allowing for greater access to capital for local contractors involved in oil and gas projects.
“The scheme is expected to empower contractors and accelerate the implementation of local content policies in the sector.
“This initiative addresses a critical challenge faced by local contractors—limited access to funding for contracts awarded by oil and gas companies. N15 billion has been earmarked for this purpose. Also, the single obligor limit has been increased from N20 million to N100 million,” he said.
The announcement comes as part of the NCDMB’s broader efforts to enhance local participation in the oil and gas industry, in line with the Nigeria Oil and Gas Industry Content Development, NOGICD Act of 2010.
Ogbe stated that through its strategic programs and policies, the NCDMB has made significant strides in driving local content growth, and highlighted the ‘Back to the Creek’ initiative of the Board, which focuses on empowering youths in host communities with the skills needed to meet industry demands.
“We are proud to announce that Nigerian content has increased from 26% in 2016 to 56% by 2024,” Ogbe said, underscoring the board’s commitment to increasing local capacity in the sector.
“The ‘Back to the Creek’ initiative focuses on equipping youths in host communities with the skills needed to meet industry demands, directly supporting the local content drive. This initiative aligns closely with the mandate of His Excellency, President Bola Ahmed Tinubu, to create an enabling environment for businesses to thrive,” Ogbe explained.
In addition, Ogbe highlighted ongoing efforts such as the development of the Nigerian Content Academy, designed to enhance local capacity in the oil and gas sector by offering training programs that prepare Nigerians for various roles within the industry.
“With the Nigerian Content Academy, we aim to prepare Nigerians for a variety of roles within the sector, opening doors to new career paths and economic opportunities for local communities,” Ogbe added.
The NCDMB also shared its continued focus on infrastructure development with the announcement of plans to expand its operational presence across Nigeria, noting that Board was poised to develop additional Zonal Offices, enabling better coordination and more effective monitoring of Nigerian content across key oil and gas regions.
Ogbe also stated: “This will enable us to deploy our personnel across various Directorates to operate fully from our Zonal offices, making the offices fully operational.
“The NCDMB’s continued efforts have been met with success in recent years. In 2024, the board was ranked first in the Presidential Enabling Business Environment Council, PEBEC, Half-Year Compliance Report. The agency has also received numerous accolades, including the Nigeria Govtech Award and the Distinguished Govtech Trailblazers Award from the Bureau for Public Sector Reform.
“As we embark on the next phase of this journey, let us carry forward the spirit of collaboration and resilience that has brought us this far. It always seems impossible until it’s done. Let us show the world what is possible when vision meets action, and commitment meets opportunity.”
