The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Export-Import Bank (NEXIM) have disbursed about $42 million to Small and Medium Enterprises (SMEs) to enhance their participation in Nigeria’s oil and gas sector.
This was disclosed by Muhammed Awami, Head of Specialised Business at NEXIM, during the NCDMB stakeholders’ sensitisation and engagement forum held in Port Harcourt, Rivers State, on Thursday.
Awami revealed that although the working capital of the capacity fund was originally pegged at $30 million, the bank had exceeded the amount to attract more Nigerian players into the oil and gas industry.
Themed “Deepening Local Content through Certification, Compliance and Financing Support,” the forum brought together industry stakeholders to discuss strategies for strengthening indigenous participation and investment.
Awami urged duly registered Nigerian oil service providers with viable contracts with International Oil Companies (IOCs) and National Oil Companies (NOCs) to take advantage of the NCDMB’s working capital and capacity fund, managed by NEXIM Bank.
He explained that the fund provides flexible financing and tailored solutions designed to catalyse business growth, facilitate market access, expand global footprints, and unlock new opportunities for Nigerian entrepreneurs in the oil and gas value chain.
The initiative underscores the Federal Government’s commitment to empowering local enterprises and promoting sustainable local content development in the energy sector.
