Saturday, July 13, 2024
24.6 C
Lagos

NCDMB Plans Changes to Enhance Nigerian Content Fund

The Nigerian Content Development and Monitoring Board (NCDMB) plans to introduce some changes that will enhance the Nigerian Content Intervention (NCI) Fund and increase the fund’s impact and efficiency.

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omotsola Ogbe hinted at the changes at the quarterly engagement forum held with the Bank of Industry (BOI), custodians of the fund on Monday in Lagos.

Commenting on the performance of the Fund, the Executive Secretary confirmed that the NCI Fund has since its inception played a crucial role in transforming the Nigerian oil and gas industry. He stated that by providing essential financial support, the fund has empowered numerous Nigerian companies and fostered local capacity development and promoted sustainable growth.

He indicated that the NCI Fund has been instrumental in driving and deepening local content development within the Nigerian oil and gas industry and its linkage sectors. The Fund has also supported numerous projects, building capacities along the local value chain and fostering growth among Nigerian companies, he added.

Speaking further, Ogbe informed that the Board was pursuing continuous improvement and innovation. He said: “We will be proposing several strategic changes that will further enhance the impact and efficiency of the NCI Fund.”

The Nigerian Content Intervention Fund (NCI Fund) is a portion of the Nigerian Content Development Fund (NCDF), which was set up by section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. The NCDF is contributed by 1% percent deduction from every contract awarded in the upstream sector of the Nigerian oil and gas industry.

The NCDMB had deposited US$300 million with the BOI, which had loaned out US$330 million to 70 qualified oil and gas companies. The additional $30 million accrued from interests from the loans, according to records provided to the Board.

The NCI Fund is the most successful fund scheme in the country, considering the faithful repairment by the beneficiaries and the growth of the fund. The Bank of Industry carries out quarterly project monitoring on the loan beneficiaries, while the NCDMB holds an annual monitoring review on the fund scheme and beneficiaries.

spot_img

Hot this week

NGX Group’s Revolutionary e-Offering Platform Goes Live Following SEC Approval

Nigerian Exchange Group (NGX Group) has unveiled NGX Invest,...

Commonwealth Short Story Award Winner Releases The Talent Coach

Dr. Frederick Mordi, a Commonwealth Short Story Award winner,...

NAICOM, NFIU to Strengthen Partnership on Financial Regulation

From Left: Mr. Ahmed Adamu Director, Innovation & Regulation...

Sterling One Foundation, United Nations Nigeria Unveil Africa Social Impact Summit 2024

The official press conference for the Africa Social Impact...

Access Holdings: Facts Behind the Offer Session at NGX

L-R: Morounke Olufemi, Group Chief Financial Officer, Access Holdings...

Topics

Farmcrowdy Secures $1m Funding for Agribusiness in Nigeria

Farmcrowdy, Nigeria’s first and leading digital agriculture platform which...

Stanbic IBTC Set for 3rd Edition of Youth Leadership Series

Stanbic IBTC Holdings PLC, a member of Standard Bank...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

NCRIB Strengthens Collaboration with BIBA

L- R: Managing Director, Risk Analyst Insurance Brokers, Dr....

Signal Alliance, Microsoft, Cisco Partner to Deliver Azure Stack

L-R: Uche Nwaukwa, Signal Alliance Azure Practice Lead; Sophia...

NGX Holds 63rd AGM, Shareholders Approve Key Resolutions

The Nigerian Exchange Group Plc (NGX Group), a leading...

NCC’s Oshadami Receives the Prestigious CIO Awards

Abraham Oshadami Deputy Director, Head, Spectrum Database Management, NCC The status...
spot_img

Related Articles

Popular Categories

spot_imgspot_img