NCDMB to Implement Changes for Enhanced Nigerian Content Fund
The Nigerian Content Development and Monitoring Board (NCDMB) are set to introduce strategic changes aimed at bolstering the Nigerian Content Intervention (NCI) Fund, aiming to amplify its impact and efficiency.
Engr. Felix Omotsola Ogbe, the Executive Secretary of NCDMB, disclosed these plans during a quarterly engagement forum with the Bank of Industry (BoI), the custodian of the fund, held in Lagos on Monday.
Acknowledging the pivotal role of the NCI Fund in transforming the Nigerian oil and gas industry, Ogbe emphasized its significant contribution to local capacity development and sustainable growth by providing crucial financial support to Nigerian companies.
Highlighting the Fund’s instrumental role in driving local content development and capacity building across the oil and gas industry and its allied sectors, Ogbe underscored the Board’s commitment to continuous improvement and innovation.
“We are proposing strategic changes that will further enhance the impact and efficiency of the NCI Fund,” Ogbe stated, indicating the Board’s proactive approach to maximizing the Fund’s potential.
The NCI Fund, a component of the Nigerian Content Development Fund (NCDF), established under section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, derives its contributions from a 1% deduction from contracts awarded in the upstream sector of the Nigerian oil and gas industry.
Records show that the NCDMB had initially deposited US$300 million with the BoI, resulting in loans totaling US$330 million disbursed to 70 qualified oil and gas companies. Additionally, accrued interests from the loans amounted to an extra $30 million, further contributing to the Fund’s growth.
Noteworthy for its effective disbursement and repayment by beneficiaries, the NCI Fund stands as one of the country’s most successful fund schemes. Regular project monitoring by the BoI and annual reviews conducted by the NCDMB ensure transparency and accountability in the utilization of the Fund, reflecting the commitment of both organizations to promoting sustainable development and local content in Nigeria’s oil and gas industry.
