The Federal Government has injected a massive investment of two hundred million dollars into the Nigerian downstream sector and the local oil companies in the country.
President Muhammadu Buhari during his June 12, 2020, Democracy Day Speech said the disbursement of funds will be deducted from the $200 million Nigerian Content Intervention Fund to indigenous manufacturers and service providers in the oil and gas sector.
He said the fund is to boost indigenous participation in the oil and gas sector in order to grow local content and invariably increase investment in the sector.
According to the President, ‘’We continue to grow local content in other areas of the oil and gas sector with the disbursement of funds from the $200 million Nigerian Content Intervention Fund to indigenous manufacturers and service providers.’’
As at July 2019, the Nigerian Content Development and Monitoring Board (NCDMB), which has the responsibility to manage this fund had disbursed about $160 million to local oil firms.