NCDMB Plans Strategic Enhancements to Boost Nigerian Content Fund.
This was revealed by the Executive Secretary of NCDMB, Engr. Felix Omotsola Ogbe, during a quarterly engagement forum with the Bank of Industry (BoI) in Lagos on Monday.
Reflecting on the NCI Fund’s performance, Ogbe emphasized its pivotal role in transforming the Nigerian oil and gas industry. “Since its inception, the NCI Fund has provided essential financial support, empowering numerous Nigerian companies, fostering local capacity development, and promoting sustainable growth,” he stated.
The NCI Fund has been a key driver in deepening local content within the oil and gas sector and its associated industries. It has supported numerous projects, bolstering capacities along the local value chain and fostering growth among Nigerian companies.
Ogbe highlighted the Board’s commitment to continuous improvement and innovation, noting, “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 part of the Nigerian Content Development Fund (NCDF), established under section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. The NCDF is funded by a 1% deduction from every contract awarded in the upstream sector of the Nigerian oil and gas industry.
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To date, NCDMB has deposited $300 million with the BoI, which has disbursed $330 million to 70 qualified oil and gas companies. The additional $30 million was accrued from loan interest, as per records provided to the Board.
The NCI Fund is considered the most successful fund scheme in Nigeria, evidenced by the faithful repayment by beneficiaries and the fund’s growth. The Bank of Industry conducts quarterly project monitoring on loan beneficiaries, while NCDMB holds an annual review of the fund scheme and its beneficiaries.
The planned enhancements aim to build on this success, ensuring that the NCI Fund continues to support local content development and the overall growth of Nigeria’s oil and gas industry.
