The Nigerian Content Development and Monitoring Board, NCDMB, has deployed $350 million to 100 indigenous companies to boost local content in the country.
This comes as the NCDMB disclosed that the number of indigenous oil companies has risen to 100 in recent years.
The Director of Corporate Services, Abdumalik Haliru, made this known during an engagement with media stakeholders in Port Harcourt, Rivers State, on Thursday.
He noted that the fund was deployed through the Nigerian Content Development Fund.
According to him, in collaboration with the Bank of Industry and the Nigerian Export-Import Bank, the NCDMB disbursed $350 million, alongside an additional $50 million, on manufacturing, asset acquisition, contract financing, and loans to beneficiaries.
“The media serve as a bridge between the government and the public, ensuring transparency, accountability, and active participation in Nigerian content development,” he said.
This development comes as President Bola Ahmed Tinubu recently approved the implementation of the Nigeria First Policy to boost in-country production and drive economic growth.
Nigeria First Policy: NCDMB disburses $350m to 100 indigenous firms
