First City Monument Bank (FCMB) has partnered with the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI) to introduce a ₦15 billion loan scheme aimed at empowering local contractors in Nigeria’s oil and gas sector.

The Community Contractors Finance Scheme provides up to ₦100 million in funding at an interest rate of 8% per annum. It is designed to help indigenous contractors bridge funding gaps, build capacity, and take on more significant projects within their host communities.

Revamped in 2025 under the leadership of NCDMB’s Executive Secretary, Engr. Felix Omatsola Ogbe, the scheme is part of the Nigerian Content Intervention Fund, which supports local participation and value creation in the oil and gas industry.

As one of the participating financial institutions, FCMB will handle the screening, verification, and disbursement of loans to qualified contractors. The bank will also offer flexible financing options such as invoice discounting and purchase order funding, with repayment periods ranging from 90 to 365 days.

FCMB’s Managing Director, Yemisi Edun, described the partnership as a step toward inclusive growth and sustainable development. She said the initiative would support community-based contractors, boost local content, create jobs, and promote skills development.

Unlike traditional loans, the scheme does not require physical collateral. Instead, repayments are structured through contract proceeds and milestone-based disbursements to ensure funds are properly managed and directed toward community-impact projects.

The NCDMB, established by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, continues to promote indigenous participation in the sector. As of December 2024, the board reported that Nigerian content in the industry had grown to 56%, with efforts ongoing to push that figure even higher.