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Nigeria launches ₦15B loan program to boost local oil contractors, targeting 70% content by 2030.
First City Monument Bank, the Nigerian Content Development and Monitoring Board, and the Bank of Industry have launched a ₦15 billion loan program to support indigenous oil and gas contractors in Nigeria.
The initiative, part of the NCDMB’s restructured Nigerian Content Intervention Fund, offers up to ₦100 million in loans at 8% interest with no collateral, using milestone-based disbursements and contract proceeds for repayment.
Targeting community-based contractors, the scheme aims to boost local content, create jobs, and improve skills, with a goal of raising Nigerian content in the sector to 70% by 2030.
FCMB manages prequalification and funding, leveraging its industry connections.
As of December 2024, local content stood at 56%.
Nigeria lanza un programa de préstamos de 15 mil millones de libras esterlinas para impulsar a los contratistas locales de petróleo, con el objetivo de un contenido del 70% para 2030.