NCDMB releases $200m local content fund to Bank of Industry

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The Nigerian Content Development and Monitoring Board announced on Tuesday that a total sum of $200m (N61.18bn) has been released to the Bank of Industry as intervention funds for indigenous oil and gas service providers, The Punch reports.

It also stated that third party outfits were being engaged to monitor compliance with respect to local content implementation in the upstream, midstream and downstream arms of the oil and gas industry.

The Executive Secretary, NCDMB, Simbi Wabote in a presentation at the 7th Practical Nigerian Content Forum in Uyo, said the agency would ensure that about eight indigenous oil and gas service providers access the fund every six months to boost job creation in the sector.

He further stated that the NCDMB had expanded its operations to cover the midstream and downstream sectors of the oil industry, adding that the agency was part of the NLNG’s business activities and was engaging Dangote Oil Refinery on local content matters.