Nigerian Oil Firms Secure $400 Million from Local Content Fund to Boost Sector Expansion
By Okafor Joseph Afam
Published July 9, 2025
Lagos, Nigeria – Nigerian oil and gas companies have accessed over $400 million from the Nigerian Content Development and Monitoring Board’s (NCDMB) Local Content Fund, aimed at driving local participation and stimulating industry growth.
The fund, managed by the Bank of Industry (BoI), has become a strategic financial lifeline for indigenous oil and gas players seeking to expand operations, invest in critical infrastructure, and enhance capacity in upstream, midstream, and downstream sectors.
According to industry insiders, the funding is helping to bridge the financing gap that has historically limited the growth of Nigerian-owned firms in the sector.
The Executive Secretary of NCDMB, Engr. Felix Omatsola, emphasized that the fund is part of the Board’s commitment to achieving 70% local content in the oil and gas industry by 2027.
“We are supporting credible Nigerian businesses to grow into sector leaders, ensuring value retention in-country and creating jobs for our people,” Omatsola said.
Since its inception, the $1 billion Local Content Fund has supported over 80 projects across fabrication yards, modular refineries, oilfield services, marine logistics, and gas development.
Analysts believe that with increased access and proper monitoring, the fund can help reduce Nigeria’s dependence on foreign services while unlocking billions in oil revenues
