• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, August 27, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

NCDMB, BOI Sign Amended MoU On $50m NOGaPS Manufacturing Fund

by Chika Izuora
2 years ago
in Business
Simbi Wabote
Share on WhatsAppShare on FacebookShare on XTelegram

The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI) have signed an amendment to the  Memorandum of Understanding (MoU) on the $50 million NOGaPS Manufacturing Fund.

Advertisement

The Fund was created by the NCDMB and domiciled with BoI to attract oil and gas equipment manufacturers to the Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities established by the NCDMB, and increase access to affordable finance by the manufacturing entities.

The signing of the amended MoU took place in Lagos on Friday at the 2023 second quarter Review Meeting of the Nigerian Content Intervention Fund (NCIFund).

In his remarks, the Executive Secretary, NCDMB, Engr Simbi Kesiye Wabote underlined the tremendous success of the NCIFund in catalysing capacity development and investments in the Nigerian oil and gas industry.

He hinted that the Fund serves as a model for local content practice across the African continent and inspired the creation of the African Energy Bank by the African Petroleum Producers Organization (APPO), in partnership with the African Export Bank (Afreximbank).

RELATED

Flight Cancellation: NCAA Launches Complaints Automation Portal

NCAA Launches First SERVICOM Integrated Service Charter

9 hours ago
Equities Market Extends Rebound With N204bn Gain

Equities Market Extends Rebound With N204bn Gain

9 hours ago
ADVERTISEMENT

He added that countries like Angola and Namibia are currently engaging the Board, with a view to understand the workings of the NCI Fund, so as to replicate the same in their jurisdictions.

In Wabote’s  words “today, Angola is thinking of establishing a similar credit line for their oil and gas companies. I think the parliament recently approved some sum of money for them to manage in that respect. Namibia is planning to do the same with the potential enactment of a Local Content Act.”

Wabote further commended the Bank of Industry for the successes being recorded in the management of the NCI Fund, assuring that the Board will continue to look for other opportunities to increase its partnership with BoI.

ADVERTISEMENT

He said: “Considering the effectiveness and success recorded by BoI, NCDMB may consider inviting BoI to send a nominee that will act as independent Director to the Board of Directors of some of the companies that we have invested equity in. This will help them overcome some of the prevailing issues around governance, liquidity and technical optimization.”

On his part, the managing director of the Bank of Industry, Mr Olukayode Pitan expressed confidence in the future performance  of the Board’s funds  domiciled in the bank while noting that these quarterly review meetings will impact on sustaining the effective disbursements and recovery of these funds.

According to him, the NCI Fund is performing excellently with 194 applications equalling US$1 billion N80.6 billion with 69 disbursements totalling US$324 million N38.4 billion as at the day of reporting.

The Board established the NCI Fund in 2018 with the purpose of financing Oil and Gas companies to increase capacity and grow Nigerian Content in the Industry Presently, the NCI Fund has five product lines which are being managed by the Bank of Industry.

They include – Manufacturing Finance -$10 million Asset Acquisition Finance -$10m; Contract Finance -$5 million Loan Refinance -$10 million and Community Contractor Finance – N20 million.

The $50 million NOGaPS Fund was launched as a separate product in March 2023 to incentivise companies that will be domiciled and manufacture oil and gas equipment components within the NCDMB oil and gas parks being established at different locations across the country, with the sites in Bayelsa and Cross River State open for occupation.

The board also has a $30 million Working Capital Fund for oil and gas service companies and a $20 million Fund for Women in Oil and Gas Intervention Fund.

The last two facilities are administered by the Nexim Nigerian Export-Import Bank and the agreements were signed in mid-2021.

 


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: NCDMB
SendShare10179Tweet6362Share
ADVERTISEMENT
Previous Post

Nigeria’s Cement Price Similar To Other West African Countries – Dangote

Next Post

LOTUS Bank Champions Community Wellness With Abeokuta 10KM Race

Chika Izuora

Chika Izuora

You May Like

Flight Cancellation: NCAA Launches Complaints Automation Portal
Business

NCAA Launches First SERVICOM Integrated Service Charter

2025/08/27
Equities Market Extends Rebound With N204bn Gain
Business

Equities Market Extends Rebound With N204bn Gain

2025/08/27
State Of Emergency In Rivers: Way Forward
Business

Tinubu Bans Raw Shea Export For Six Months, Eyes $300m Revenue Boost

2025/08/27
Nigeria’s Poor Electricity, Weak Infrastructure Hinder Growth But Present Investment Opportunities – Awele Elumelu
Business

Nigeria’s Poor Electricity, Weak Infrastructure Hinder Growth But Present Investment Opportunities – Awele Elumelu

2025/08/27
Renaissance Energy Africa Reaffirms Commitment To Safety Operations
Business

Renaissance Energy Africa Reaffirms Commitment To Safety Operations

2025/08/27
Dangote Cement Records Impressive Topline Growth, Sustains Profitability
Business

Dangote Cement Urges Multi-sector Collaboration To Combat Youth Unemployment

2025/08/27
Leadership Conference advertisement

LATEST

Adamu Aliyu Makes Waves In Latvian Football, Eyes Nigeria Call-Up

Federal Gov’t To Train 7m Youths In Digital Skills

2027: Despite Endorsing Tinubu, APC Throws Presidential Ticket Open

Akpabio Charges Nigerians On Maintenance, Protection Of Gov’t Facilities

Osun Monarch Jailed 56 Months For COVID Fraud In US

Gov Radda Cuts Leave Short To Visit Community Attacked By Bandits In Katsina

2027: FCT PDP Stakeholders Reject Zoning To South, Endorse Olawepo-Hashim

Okigwe Killings Represent Governance Failure – Ihedioha

Nigeria’ll Rise On Tech, Food Security — Tinubu

Oyo APC Tasks INEC On Hitch-free Voter Registration Exercise

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.