NCDMB set to double local content intervention fund

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The Nigerian Content Development and Monitoring Board (NCDMB), says it is considering increasing the Nigerian Content Intervention Fund by 100 per cent, Premium Times reports.

The fund, domiciled in the Bank of Industry, is currently valued at about $100 million, dedicated to lending qualified oil and gas operators for the execution of projects as a strategy to build capacity and encourage the participation of Nigerian companies in the industry.

The Executive Secretary of the board, Simbi Wabote, who disclosed this during his visit to the new Managing Director of the, BOI, Olukayode Pitan, said raising the pool fund would assist more deserving companies. The NCDMB and BOI launched the NCI Fund in July 2016. But, it suffered long delays to come into operation, as efforts were made to fine-tune the governance process.

Since the launch of the Fund, Nigerian operators in the industry complained of difficulties in accessing the funds under the existing model, necessitating a change of strategy by the Board. Consequently, Mr. Wabote said the revised governance framework for the Fund had since been finalized, while the updated Memorandum of Understanding (MoU), with the BOI would be signed within the next few weeks to signal the take-off of the scheme.