NCDMB Disburses $350m to 100 Indigenous Firms Under Nigeria First Policy

The Nigerian Content Development and Monitoring Board (NCDMB) has disbursed $350 million to 100 indigenous oil and gas companies, marking what many experts describe as one of the boldest interventions yet in Nigeria’s long journey toward local content sovereignty.

The disclosure was made in Port Harcourt by the Board’s Director of Corporate Services, Abdumalik Haliru, during an engagement with media stakeholders. According to him, the fund—sourced from the Nigerian Content Development Fund (NCDF)—was deployed in partnership with the Bank of Industry (BoI) and the Nigerian Export-Import Bank (NEXIM). An additional $50 million was also made available for asset acquisition, manufacturing, contract financing, and other forms of business support.

“The media serve as a bridge between the government and the public, ensuring transparency, accountability, and active participation in Nigerian content development,” Haliru said, underscoring the need for scrutiny in the deployment of such funds.

This milestone comes on the heels of President Bola Ahmed Tinubu’s approval of the Nigeria First Policy, designed to ensure in-country production, job creation, and economic resilience.

Flashback: From Oil Wealth to Oil Dependency

Nigeria’s oil and gas industry has always been a paradox—immense wealth beneath the soil, yet chronic dependency on foreign companies to harness it. In the 1970s and 1980s, attempts at indigenization through state-owned enterprises faltered under weak governance and external pressures.

Dr. Ibilola Amao, an energy policy analyst, recalls:

“For decades, Nigeria’s role was reduced to that of a crude supplier, while others captured the true value through refining, technology, and services. Local players were almost invisible.”

The turning point came in 2010 with the enactment of the Nigerian Oil and Gas Industry Content Development Act. It was this legislation that gave birth to the NCDMB, providing a legal backbone for local content enforcement. But even then, doubts lingered over whether Nigerian firms could rise to the challenge.

Reflections: A Hard-Fought Journey

Fifteen years later, the story is shifting. From fewer than 10 functional indigenous operators, the sector now boasts over 100, a figure Haliru confirmed in Port Harcourt. For many, this reflects not just policy evolution, but resilience in the face of skepticism.

Former NCDMB Executive Secretary, Engr. Simbi Wabote, once argued:

“Local content is not charity—it is business. The more Nigerians participate, the stronger our economy becomes.”

Energy economist Dr. Wale Ajayi sees the $350 million injection as both symbolic and strategic:

“This is the most practical demonstration of the Nigeria First Policy so far. The challenge now is to ensure these funds generate measurable growth and do not disappear into failed projects, as has happened in past loan schemes.”

A Turning Point for Nigeria’s Oil Future

Industry watchers agree that the disbursement, if well managed, could accelerate Nigeria’s ambition to be a hub not just for crude exports but also for refining, fabrication, and service provision across Africa.

Yet, the shadows of past failures loom large. In the 1990s and early 2000s, loan facilities extended to local contractors often collapsed under poor monitoring and repayment defaults. Analysts warn that without strict accountability mechanisms, history could repeat itself.

Still, optimism runs high. As Professor Chinedu Nebo, a former Minister of Power, once remarked:

“The oil industry can no longer afford to be Nigeria without Nigerians. Local content is not a slogan; it is survival.”

Looking Ahead

For ordinary Nigerians, the hope is simple: that this $350 million translates into factories built, jobs created, and technologies transferred. For policymakers, it is about proving that the Nigeria First Policy is more than rhetoric.

As one industry insider in Port Harcourt put it:

“This is not just about oil. It’s about rewriting the story of Nigerian enterprise—transforming us from rent collectors to value creators.”

If the NCDMB succeeds, this disbursement may be remembered not just as financial support, but as a pivotal chapter in Nigeria’s long and unfinished march toward true resource sovereignty.