Tamrose Repays $10M Loan, Highlights Success of Nigeria’s Local Content Initiative
Nigeria’s indigenous oil-service company, Tamrose Limited, has drawn widespread praise after fully repaying its $10 million loan from the Nigerian Content Intervention Fund (NCI Fund), underscoring the impact of targeted financing in growing local capacity. The Federal Government has pledged to expand support for homegrown firms in the oil and gas sector, citing Tamrose’s rapid growth and operational success as a model for other companies.
At a recent event at the Nigerian Content Development and Monitoring Board (NCDMB) headquarters in Yenagoa, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, noted that only 21 of over 70 companies that accessed the NCI Fund have fully repaid their loans. He described Tamrose’s achievement as proof that disciplined borrowing, strategic expansion, and operational excellence can transform Nigerian service companies into regional leaders.
Since securing the NCI Fund facility in 2019, Tamrose has expanded its fleet from four vessels to 15, including 10 security patrol vessels and five platform supply vessels, all Nigerian-flagged. The company has also extended operations into Angola and created nearly 250 direct jobs and more than 600 indirect employment opportunities, demonstrating how sustainable financing can drive tangible economic growth.
Beyond financial success, Tamrose has invested heavily in human capital and community development. Over 100 cadets have been trained under its international-standard cadetship scheme, more than 1,500 employees are enrolled in health management programs, and initiatives supporting the wider maritime ecosystem reinforce Nigeria’s goal of reaching 70% local content by 2027. Industry experts see this as a critical step toward strengthening indigenous capacity in a sector historically dominated by foreign players.
Tamrose’s Executive Chairman, Ambrose Ovbiebo, attributed the company’s growth to long-term, low-cost financing and predictable regulatory support. Government and industry stakeholders, including the Bank of Industry and executives from major oil companies, hailed the firm as a benchmark for indigenous success. Tamrose’s story reflects the broader potential of Nigerian entrepreneurs to scale and compete across Africa when given the right financial and institutional backing.
source: Business day