The Nigerian Content Development and Monitoring Board (NCDMB) has reaffirmed its dedication to the recently launched ‘Nigeria First’ policy, a significant initiative of President Bola Tinubu’s administration aimed at enhancing local production and encouraging the use of domestically made goods and services while reducing reliance on imports.
During the ongoing Nigerian Oil and Gas (NOG) Energy Week in Abuja, Executive Secretary Mr. Felix Ogbe articulated the board’s commitment to this policy. He emphasised that this initiative strengthens the board’s primary objective of advancing Nigerian Content within the oil and gas sector.
Ogbe stated, “For Nigeria, energy sufficiency transcends availability; it encompasses resilience, sustainability, and safeguarding our sovereignty. Therefore, local content is not merely a policy but a strategic necessity.”
Addressing the theme “Achieving Energy Sufficiency through Local Content Implementation,” Ogbe highlighted that attaining energy sufficiency necessitates enhancing Nigeria’s local capabilities throughout the oil and gas value chain—from exploration and production to processing, manufacturing, and services. He asserted that prioritising local capacity would not only retain economic value within Nigeria but also alleviate supply disruptions, generate employment, and promote technological advancement.
The ‘Nigeria First’ policy is the latest in a series of governmental efforts to bolster domestic content. Ogbe pointed out previous milestones such as the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010, Executive Orders 001 and 005, and the 2023 Presidential Directives on Local Content, all aligned with President Tinubu’s 8-Point Agenda.
He explained that the new policy is founded on a clear principle: goods or services produced or available locally should not be sourced from foreign suppliers unless there is a justified reason. “This complies with Section 3(1) of the NOGICD Act, which mandates prioritisation of Nigerian-made goods and services, provided they meet industry standards,” he added.
To operationalise the policy, the board has announced several implementation measures, including the development of a dedicated ‘Nigeria First Procurement Policy’, the integration of this policy into internal systems, and its application in reviewing Nigerian Content Plans (NCPs), Compliance Certifications, and Authorisation Certificates. Additionally, NCDMB will conduct two major baseline studies to assess the capabilities of Nigerian service providers and identify locally manufactured consumables used in the oil and gas sector.
Ogbe asserted, “The Nigeria First policy represents a bold commitment to national pride, industrial competence, and long-term economic sustainability. At NCDMB, we are ready to spearhead this vision.”
In tandem, NCDMB has introduced a revamped approach to its N50 billion Community Contractors Financing Scheme—a vital aspect of the Nigerian Content Intervention (NCI) Fund. Initially launched in 2018 to assist local contractors from oil-producing host communities, the scheme had seen limited progress until recent revitalisation efforts under Ogbe’s leadership.
During the session on “Deepening Community Participation Through Accessible Financing,” Dr. Obinna Ezeobi, General Manager of Corporate Communications at NCDMB, highlighted that while other products under the NCI Fund have thrived, the Community Contractors Fund had lagged. He attributed the renewed focus on this scheme to Ogbe’s commitment to grassroots empowerment.
Ms. Fatima Mohammed, General Manager of the Nigerian Content Development Fund, noted new features of the restructured fund, which now permits increased borrowing limits of up to N100 million for community contractors in the oil and gas sector, with single-digit annual interest rates. Beneficiaries must be verified community contractors with valid projects for international or local oil and gas companies, and simplified collateral terms have been introduced.
Plans for extensive awareness programmes are underway, with disbursements anticipated in the coming months. Mohammed stated, “We aim for host communities to actively engage in the oil and gas ecosystem. A thorough review revealed that the previous centralised structure limited effectiveness; we have now decentralised it through the involvement of Performing Financial Institutions (PFIs).”
Mr. Gabriel Yemidale, Head of Oil and Gas at the Bank of Industry (BOI), expressed optimism regarding the renewed collaboration between BOI, NCDMB, and selected PFIs like FCMB, acknowledging past challenges in scheme implementation. “We haven’t abandoned the scheme; alignment was what was missing. With FCMB’s involvement and allocated funds, we anticipate improved outreach at the grassroots level. BOI will ensure monthly loan performance reports and quarterly beneficiary visits to monitor impact,” Yemidale remarked.
Oluremi Agboola, Head of Small and Medium Enterprises (SME) Assets at FCMB, described the bank as a “go-to partner” for SME financing, affirming its readiness to promote the fund’s success. “We may revise our interest rates to enhance affordability, thanks to the Executive Secretary’s impact-driven approach. We are also providing financial literacy, training on monitoring and evaluation, and business support through the FCMB Business Zone,” Agboola added.
Eligibility for the scheme is confined to firms with an annual turnover of N500,000 to ensure participation and impact on small contractors.
