The Nigerian Content Development and Monitoring Board (NCDMB) announced that the $300 million intervention fund it deposited with the Bank of Industry (BoI) has generated $30 million in interest through loans distributed to 70 oil and gas investors.
This development was shared by the NCDMB in a statement on Tuesday, emphasizing plans to introduce changes aimed at enhancing the Nigerian Content Intervention Fund (NCI Fund) to further its impact and efficiency.
The NCI Fund, part of the Nigerian Content Development Fund (NCDF) established under Section 104 of the Nigerian Oil and Gas Industry Content Development Act, is funded by a one percent deduction from every contract awarded in the upstream sector of the Nigerian oil and gas industry.
Despite previous allegations by the Minister of Petroleum Resources (Oil), Heineken Lokpobiri, regarding mismanagement of the fund—claiming that 90 percent of the $350 million taken to the BoI resulted in non-performing loans—the NCDMB has provided a different perspective.
The board clarified that $300 million was deposited with the BoI, which has since loaned out $330 million to 70 qualified oil and gas companies.
The additional $30 million accrued from interest on these loans, indicating successful repayment and fund growth.
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During a recent quarterly engagement forum with the BoI in Lagos, Felix Ogbe, the Executive Secretary of the NCDMB, highlighted the NCI Fund’s critical role in transforming the Nigerian oil and gas industry. Ogbe noted that the fund had empowered numerous Nigerian companies, fostered local capacity development, and promoted sustainable growth.
He further emphasized that the NCI Fund has been instrumental in driving local content development and supporting various projects within the industry, contributing to the growth of Nigerian companies and building capacities along the local value chain.
Ogbe also mentioned that the NCDMB is committed to continuous improvement and innovation. He announced that the board plans to propose several strategic changes to enhance the NCI Fund’s impact and efficiency further.
The NCDMB’s positive update on the NCI Fund and its plans for future improvements underscore its commitment to supporting local content development in Nigeria’s oil and gas sector, ensuring that the fund continues to play a vital role in empowering Nigerian businesses and fostering industry growth.
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