NESSCO boss demands easier financing for indigenous oil, gas firms
The Managing Director of New Energy Services Company Limited (NESSCO), Mr. Usman Mohammad, has called for easier access to financing for indigenous oil and gas companies in Nigeria.
Mohammad made the call during an interview on the sidelines of the 2026 Offshore Technology Conference (OTC) in Houston.
He said lack of funding remains one of the biggest challenges facing local companies in Nigeria’s energy sector, despite the progress made under the country’s local content policy.
According to him, many indigenous firms have benefited from the Nigerian content initiative, adding that NESSCO itself is a product of policies aimed at increasing local participation in the oil and gas industry.
However, he noted that access to finance is still difficult for most local operators.
“Most of the challenges facing indigenous companies are related to funding. If Nigeria has banks dedicated to the energy sector, local oil and gas firms will have better access to finance,” he said.
Mohammad welcomed discussions on the establishment of an energy-focused bank in Nigeria, describing it as a major step that could support the growth of indigenous companies.
He also urged the Nigerian Content Development and Monitoring Board (NCDMB) to make its funding programmes easier for local firms to access by simplifying the qualification process.
According to him, practical financing conditions will help more credible Nigerian companies grow and compete effectively.
Speaking on NESSCO’s operations, Mohammad said the company recently secured renewed contracts after successfully delivering previous projects.
He said the company is involved in facility management, drilling support services and energy infrastructure operations, adding that it has continued to expand its services over the years.
“The world is changing and technology is changing. Nobody will develop Nigeria for us. Indigenous companies must take advantage of the opportunities being created,” he said.
Mohammad also stressed the need for stronger collaboration between Nigerian companies and Original Equipment Manufacturers (OEMs), saying partnerships are important for industry growth and technology transfer.
He added that collaboration among stakeholders should develop naturally through shared business interests rather than forced arrangements.
According to him, ongoing reforms and increased participation of indigenous firms show that Nigeria’s oil and gas industry is moving in the right direction.
