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flag Nigeria launches ₦15B loan program to boost local oil contractors, targeting 70% content by 2030.

flag 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. flag 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. flag 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. flag FCMB manages prequalification and funding, leveraging its industry connections. flag As of December 2024, local content stood at 56%.

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