The Nigerian Content Development and Monitoring Board has allocated N15 billion for the revised Community Contractors Financing Scheme.
This initiative aims to tackle the persistent challenge of limited funding access faced by local contractors handling oil and gas company projects.
This was disclosed by the NCDMB’s Executive Secretary, Felix Ogbe, while delivering his keynote address at the opening of the 13th edition of the Practical Nigerian Content Forum in Yenagoa, Bayelsa State.
Ogbe said the board had raised the single obligor limit from N20m to N100m.
“N15bn have been earmarked for this purpose. Also, the single obligor limit has been increased from N20m to N100m,” he stated.
The the NCDMB boss also unveiled the ‘Back to the Creek’ initiative, designed to equip youths in host communities with industry-relevant skills.
“This initiative aligns closely with the mandate of President Bola Tinubu to create an enabling environment for businesses to thrive. This initiative will be implemented in three phases: First, the improvement of primary education infrastructure; next, the enhancement of secondary education; and finally, providing scholarships and facilitating employment opportunities for top-performing students from oil-producing communities,” he explained.
Ogbe highlighted that the Nigeria Oil and Gas Industry Content Development Act, 2010, mandates the NCDMB to build the capacity of Nigerian companies and individuals, enabling their active participation in the oil and gas sector.
He recalled that in 2017, the board launched a 10-year strategic roadmap built on five strategic pillars and supported by four enablers, saying achievements have been recorded.
According to Ogbe, some of the NCDMB achievements include the unveiling of Amal Technologies in Idu, Abuja and the Kwale Gas Gathering facility in Delta State; getting approval for the 312 Nigerian Content Plans as 402 Nigerian Content Compliance Certificates were issued; uveiling Bell Oil and Gas’ 50,000 metric-tonne integrated Oil Country Tubular Goods facility at the Lekki Free Trade Zone; unveiling of 10,000 MT capacity galvanizing plant by Daewoo; and establishment of the Nigeria Oil and Gas Park Scheme in Bayelsa, Cross River, and Akwa Ibom states among others.
He announced that the Nigerian content level had risen from 26% in 2016 to 56% by 2024.
To further enhance local content in the oil and gas industry, he noted the board is investing in the development of more conducive and functional zonal offices.
“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. In the words of Nelson Mandela, ‘It always seems impossible until it’s done.’ Let us show the world what is possible when vision meets action, and commitment meets opportunity,” Ogbe added.
