Senator Natasha Akpoti-Uduaghan, Chair of the Senate Committee on Local Content, said on Thursday, during a session with the Nigerian Content Development and Monitoring Board (NCDMB), that $400 million in intervention funds has been lying dormant in banks and financial institutions for several years, which raises questions about transparency and the effectiveness of resource allocation.
The details of the uncovered funds paint a concerning picture. $30 million was reportedly budgeted for capacity building in the oil and gas sector, while another $20 million was earmarked for women in oil and gas businesses.
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Additionally, $50 million allocated for research and development remained untouched within the Central Bank of Nigeria. The lack of utilization of these funds, despite their intended purposes, highlights potential issues of bureaucratic inertia, inadequate oversight, or unclear disbursement mechanisms.
The Senator questioned why the funds were lying fallow without Nigerians accessing them and called on the NCDMB to make the funding opportunities accessible to ordinary Nigerians.
According to her, the funds are capable of attracting oil and gas equipment manufacturers to Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities, as well as increasing access to affordable finance by the manufacturing entities.