The Nigerian Content Development and Monitoring Board (NCDMB) has disbursed a total of N51.8 billion and $359.7 million to 132 Nigerian companies to boost indigenous participation in the oil and gas sector.

The funds were released through various local content intervention schemes aimed at supporting asset acquisition, manufacturing expansion, contract financing and loan refinancing for indigenous operators.

According to the NCDMB, 38 firms accessed N22.14 billion and $205.67 million for asset acquisition, while three companies received N7.56 billion to strengthen local manufacturing capacity. Ten firms benefited from N2.23 billion and $24.73 million in contract financing, and 25 companies accessed N15.98 billion and $116 million for loan refinancing.

The Board noted that the intervention has contributed to a rise in local content levels in the oil and gas industry to about 61 per cent, up from 44 per cent three years ago, underscoring ongoing efforts to deepen Nigerian participation across the sector’s value chain. Visit www.jocomms.com for more news.