Business Page Writer
By Nonso Agbodi
In a major push to boost indigenous participation in Nigeria’s oil and gas industry, the Nigerian Content Development and Monitoring Board (NCDMB) has unveiled a ₦15 billion loan programme in collaboration with the Bank of Industry (BoI) and First City Monument Bank (FCMB).
The financing initiative, called the Community Contractors Finance Scheme, is tailored to address the financial and capacity gaps faced by local contractors who execute projects for International Oil Companies (IOCs) and National Oil Companies (NOCs).
Through the scheme, qualified contractors can secure loans of up to ₦100 million at a single-digit interest rate of 8 percent per annum. The loans are structured with flexible repayment plans and are backed by innovative instruments such as invoice discounting and purchase order financing.
Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, explained that the revamped scheme reflects the Board’s determination to empower indigenous players and increase the industry’s local content share beyond the current 56 percent.
FCMB’s Managing Director, Yemisi Edun, stressed the bank’s commitment to ensuring that the scheme delivers real impact at the grassroots level.
“This partnership is about unlocking opportunities for community-based contractors. By giving them easier access to finance, we are enabling them to execute projects, create jobs, and contribute meaningfully to economic growth,” she noted.
One of the unique features of the scheme is that contractors are not required to present traditional collateral. Instead, repayments are tied directly to contract proceeds and milestone achievements, ensuring that funds are channeled into tangible oil and gas projects.
The fund forms part of the broader Nigerian Content Intervention Fund (NCIF), designed to provide sustainable financial support to indigenous operators and reinforce Nigeria’s goal of building a self-reliant oil and gas industry.
