NCDMB bolsters “Nigeria First” policy, revitalises N50bn Community Fund to drive local content in oil and gas

The Nigerian Content Development and Monitoring Board (NCDMB) has reaffirmed its dedication to the “Nigeria First” policy, a cornerstone of President Bola Ahmed Tinubu’s administration to promote local production and reduce reliance on imports.
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Speaking at the NOG Energy Week in Abuja on Monday, NCDMB’s Executive Secretary, Engr. Felix Omatsola Ogbe, emphasised the policy’s alignment with the Board’s mission to advance Nigerian content in the oil and gas industry.
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Ogbe highlighted that the “Nigeria First” policy reinforced the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, which mandates prioritising locally-produced goods and services meeting industry standards.

“Energy sufficiency is about resilience, sustainability, and safeguarding our sovereignty,” he stated, noting that local content is a strategic imperative for Nigeria’s economic growth.
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He further referenced supporting frameworks like Executive Orders 001 and 005 and the 2023 Presidential Directives, which align with Tinubu’s 8-Point Agenda.To implement the policy, Ogbe outlined plans for a dedicated “Nigeria First Procurement Policy” to guide NCDMB’s operations.

According to him, the policy will be integrated into the review of Nigerian Content Plans (NCPs), Compliance Certifications, and Authorisation Certificates.

Additionally, he announced that NCDMB will commission two baseline studies to verify the capacities of Nigerian service providers and catalog locally manufactured consumables in the oil and gas sector.

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“This is a bold commitment to national pride and economic sustainability,” he commented.In a related development, NCDMB unveiled a restructured N50bn Community Contractors Financing Scheme under the Nigerian Content Intervention (NCI) Fund.

Speaking during a session on deepening community participation through accessible financing, Dr. Obinna Ezeobi, General Manager of Corporate Communications, commended the Executive Secretary’s focus on grassroots empowerment for revitalizing the scheme, which was launched in 2018 but had faced challenges.

Ms. Fatima Mohammed, General Manager of the Nigerian Content Development Fund, outlined the scheme’s enhanced features.

She noted that community contractors can now access loans up to ₦100 million at single-digit interest rates with simplified collateral terms.

According to Mohammed, the scheme has been decentralized through partnerships with Performing Financial Institutions (PFIs) like the Bank of Industry (BOI) and FCMB to ensure wider reach.

She further stated that extensive sensitization programs are planned, with disbursements expected soon. Eligibility is restricted to verified contractors with valid projects and a minimum annual turnover of ₦500,000.

Gabriel Yemidale, BOI’s Head of Oil and Gas, acknowledged past implementation challenges but expressed optimism about the renewed collaboration.

“With funds allocated and FCMB on board, we expect greater grassroots impact,” he commented, adding that BOI will provide monthly loan performance reports and conduct quarterly beneficiary visits.

Similarly, FCMB’s Oluremi Agboola, Head of SME Assets, highlighted the bank’s readiness to drive the scheme’s success, noting potential interest rate adjustments and support through financial literacy programs and the FCMB Business Zone.

Olumide Odewole, Director of Corporate Strategy and Planning at Trexim Holdings, emphasized the importance of sustainability. “We must ensure quality delivery, robust governance, and training to build a resilient supply chain,” he stated.

The revamped scheme underscores NCDMB’s commitment to closing funding gaps and empowering oil-producing communities to actively participate in Nigeria’s energy ecosystem.