Local Content: NCDMB counsels firms on $200m intervention fund

Local Content: NCDMB counsels firms on $200m intervention fund

The Nigerian Content Development Monitoring Board (NCDMB) has advised oil and gas service providers to key into its $200 million intervention fund introduced by the Federal Government to grow local content capability in the country.

The Executive Secretary of NCDMB, Engr. Simbi Wabote, gave the charge during the commissioning of Starzs Investment Company Limited new build vessel, MV Osanyamo at Onne, Port Harcourt, last Friday.

He said the fund, which is being managed by the Bank of Industry (BOI), has a single digit interest of eight percent for loans extended to the Nigerian oil and gas service industry, and a single digit interest rate of five percent for loans extended to community contractors.

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He disclosed that the first 10 beneficiaries of the loan scheme would soon be announced.

“The board has launched a $200 million Nigerian Content Intervention Fund (NCIF) which is fully managed by the Bank of Industry.

“The NCIF will be applied to four key areas of oil and gas activities such as manufacturing including asset acquisition, asset/equipment acquisition which falls into rigs, marine vessels and whatever is required in terms of assets, project financing for the Nigerian oil and gas scheme, loans re-financing and contract financing for community contractors.

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“I want to encourage entrepreneurs amongst us to take advantage of the fund to grow their businesses and at the long run add value to the economy,” he said.