In a landmark move aimed at strengthening local content and fostering economic growth, the Nigerian Content Development and Monitoring Board (NCDMB) has disbursed $350 million to 100 indigenous companies across the country.
This initiative aligns with the federal government’s recently approved Nigeria First Policy, which seeks to prioritize in-country production, enhance employment opportunities, and deepen industrialization.
Speaking to media stakeholders in Port Harcourt, Rivers State, the Director of Corporate Services at NCDMB, Abdumalik Haliru, emphasized that the funding was facilitated through the Nigerian Content Development Fund.
“This disbursement demonstrates the Board’s commitment to driving local capacity building and economic diversification in the oil and gas sector,” Haliru said.
He further noted that the funds will support manufacturing, asset acquisition, contract financing, and loans to the beneficiary companies, ensuring sustainable growth and long-term impact.
According to Haliru, the funding was made possible in collaboration with the Bank of Industry (BoI) and the Nigerian Export-Import Bank (NEXIM).
An additional $50 million has also been allocated to complement the initial disbursement, specifically targeting initiatives that enhance industrial infrastructure, technology adoption, and operational efficiency among local operators.
“The media play a critical role in bridging the gap between government policies and public understanding,” Haliru remarked.
“Transparent communication ensures accountability and active participation in the Nigerian content development agenda.”
The NCDMB highlighted that the number of indigenous oil companies has steadily increased to 100 in recent years, a direct reflection of targeted government policies and sustained investment in local capacity.
With the Nigeria First Policy now in effect, the Board expects further acceleration in indigenous participation across the oil and gas value chain.
President Bola Ahmed Tinubu’s approval of the Nigeria First Policy underscores the administration’s focus on economic self-reliance, industrialization, and job creation.
The policy mandates the use of local goods, services, and human resources in all sectors, aiming to reduce dependency on imports while incentivizing domestic production.
By channeling resources to indigenous firms, the policy ensures that wealth creation remains within the Nigerian economy, promoting both fiscal growth and sustainable industrial development.
Experts have praised the NCDMB’s strategic approach, noting that prioritizing indigenous companies not only enhances local expertise but also strengthens Nigeria’s global competitiveness.
“Empowering domestic firms fosters innovation, technology transfer, and skill development,” said a market analyst who requested anonymity.
“It also creates a ripple effect across supply chains, benefiting SMEs and communities connected to the oil and gas industry.”
The disbursement is expected to generate substantial employment opportunities across multiple regions, as beneficiary firms expand operations, acquire new assets, and scale production.
Analysts predict that the policy could indirectly affect thousands of jobs, particularly in manufacturing, engineering, logistics, and related service sectors.
Furthermore, the strategic focus on indigenous firms ensures that knowledge transfer and capacity building occur locally, equipping Nigerian professionals with technical skills required for high-value operations.
This approach not only strengthens the country’s industrial base but also enhances resilience against global economic shocks.
With the Nigeria First Policy now being operationalized, the NCDMB aims to sustain this momentum through continuous engagement with indigenous firms, financial institutions, and international partners.
The Board plans to monitor the impact of disbursements closely, ensuring that funds are effectively utilized and aligned with national development objectives.
Haliru concluded, “This is more than a funding exercise; it is a strategic investment in Nigeria’s future.
By empowering indigenous companies, we are building a self-reliant economy, creating jobs, and ensuring that Nigeria’s oil and gas sector contributes meaningfully to national prosperity.”