By Obas Esiedesa, Abuja
The Nigerian Content Development and Monitoring Board (NCDMB) yesterday disclosed that 132 Nigerian companies have accessed N574.8 billion, comprising N51.785 billion and $359.653 million, from intervention funds established to boost indigenous participation in the oil and gas industry.
The funds include the $350 million Nigerian Content Intervention Fund and NEXIM supported $50 million Working Capital Fund and the Women in Oil and Gas Fund.
Data from the NCDMB showed that three manufacturing firms accessed N7.561 billion, while 38 companies received N22.144 billion and $205.666 million for asset acquisition. In addition, 10 firms accessed N2.232 billion and $24.728 million to finance contracts.
A further 25 companies benefitted from N15.98 billion and $115.998 million in loan refinancing.
The Director, Corporate Services, NCDMB, Dr Abdulmalik Halilu who disclosed this at a workshop for media stakeholders in Abuja, said the funding has helped to move Nigerians participation in the industry from 44 percent three years ago to 61 percent this year.
He explained that in the construction of the NLNG Train-7 project alone, about 8,000 Nigerians have been engaged.
According to him, “Local content is not indigenisation, Nigerianisation or the promotion of inferior goods. Rather, it is domestication based on global best practices.
“The Act assigns NCDMB two major responsibilities. The first is capacity building. NCDMB is one of the few regulatory agencies with an explicit mandate to build capacity, because you cannot enforce local content if capacity does not exist. The second responsibility is enforcement. The Act contains 17 broad schedules and about 300 specific targets that must be met as performance indicators.
“Given the importance of the oil and gas sector to Nigeria’s budget, foreign exchange earnings and industrialisation drive, most of its inputs are manufactured or fabricated items. NCDMB therefore adopted an ambitious vision to serve as a catalyst for industrialisation within the oil and gas industry and beyond.”
“Local content represents the development of a robust research ecosystem, job creation for Nigerians, attraction of best-in-class global partners, ownership of critical assets such as marine vessels and rigs, sustainable operations, environmental responsibility and profitable indigenous participation”, he added.
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