About 130 indigenous firms have successfully sourced investment funds from the combined $400million Nigeria Content Intervention (NCI) Fund established by the Nigerian Content Development and Monitoring Board (NCDMB), which is currently being managed by the Bank of Industry (BOI) and NEXIM.
This is instrumental to the development of local capacity in the industry.
LEADERSHIP reports that the NCDMB NCI Fund, is a $400 million fund managed by the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) which provides financial assistance to Nigerian oil and gas companies, aiming to boost local content in the industry.
The fund offers various loan products, including manufacturing, asset acquisition, contract finance, loan refinancing, and community contractor financing.
The NCI Fund was established to address funding gaps and promote the development of Nigerian content within the oil and gas sector
Speaking at a sensitisation session in Lagos, the executive secretary (ES) of the Board, Engr. Felix Omatsola Ogbe, confirmed that “As at today, about 130 companies have accessed and benefited from this Fund across the various product lines,,adding, “Work is however ongoing to ensure more indigenous companies in the industry have access to the fund.”
The ES, also spoke on the upgraded Nigerian Content Development Fund (NCDF) Payment Portal.
According to him, the newly revised Community Contractors Finance Scheme and highlights of the progress and challenges of the NCI Fund.
The Compliance Certificate System was developed to ensure that Nigerian Content requirements are met in all oil and gas projects.
With the introduction of the Compliance Certificate, companies now have an objective standard to demonstrate conformity, while the Board is better positioned to ensure regulatory oversight.
He said, “We understand that for this system to be effective, stakeholders must be adequately informed. This programme, therefore, provides an opportunity for hands-on engagement and clarification.”
Similarly, the upgraded NCDF payment portal is a major step forward in the Board’s drive for efficiency and the enhancements made to the platform are aimed at improving user experience, simplifying remittance processes, and ensuring real-time compliance tracking.
With the expected increase in inflow to the Fund following the implementation of compliance certification, Ogbe said, this upgrade could not have come at a better time.
“Furthermore, the revised Community Contractors Finance Scheme is a bold reimagination of our support for host community contractors. Through our collaboration with FCMB and other financial institutions, we have redesigned the product to remove access barriers and increase participation by genuine community contractors. This initiative is directly aligned with our strategic objective of enabling shared prosperity and inclusive growth in the Nigerian oil and gas ecosystem.” he added.
