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Monday, August 27, 2018
The Nigerian Content Development and Monitoring Board (NCDMB) commenced a 10-year development plan aimed at creating 300,000 jobs in Nigeria’s oil and gas sector.
Simbi Wabote, Executive Secretary of NCDMB, during a capacity building workshop for Energy and Business correspondents said that the board commenced the plan in 2017, adding that its plan was to retain 70% of the $20 billion annually spent in the sector.
The board initiated a development plan to increase local participation in the oil and gas industry, boost indigenous businesses, and improve the nation’s economy. A critical aspect of the 10-year development plan was the $200 million from the Nigerian Content Investment Fund (NCIF), which is being managed by Bank of Industry (BoI) to meet the funding needs of indigenous players in the oil and gas industry.
General Manager, NCIF, Obinna Ofili, said that only 11 firms had accessed the fund since it was established.
He said that the fund was available for contributors to Nigerian Content Development Fund (NCDF) and community contractors in oil and gas bearing communities. Loan types include manufacturing, asset acquisition, contract finance, community contractor finance scheme and loan refinancing.
The loans range from $10 million to $20 million for community contractor financed scheme.
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