Ownership of marine vessels by Nigerians hit 40 percent – NCDMB


 FOLLOWING the institution of the Marine Vessel Categorization Scheme with a view to increasing local participation in the marine service sector, the Nigerian Content Development and Monitoring Board, NCDMB has said that Nigerian ownership of marine vessels currently stands at 40 percent.

Speaking at the just concluded naming ceremony of a newly acquired marine vessel by Team Offshore Nigeria, Executive Secretary of NCDMB, Engr Simbi Wabote, who was represented by General Manager, Project Certification and Authorization, Mr. Abayomi Bamidele said that the Nigeria Oil and Gas Industry Content Development, NOGICD, Act of 2010 was put in place to support and protect both local investment and called on Nigerians to take advantage of the law to grow their businesses.

He also disclosed that the Board has developed a ten year strategic Roadmap that will assist the growth of the Nigerian Content level in the oil and as industry just as a $200million Nigerian Content Development Fund domiciled in Bank of Industry for use by Nigerians.

According to the Wabote, the NCI fund is a single digit interest rate of uo to five years with a single obligor limit of up to $10million.

He said: “Few years ago, the Board put in place the Marine Vessel Categorization Scheme with the main aim of increasing participation of Nigerians and Nigerian companies in the marine sector of the oil and gas industry.

“Today, I am happy to inform you that Nigerian ownership of marine vessels currently stands at 40% with new vessel acquisition such as this. We are convinced that local ownership of marine vessel will significantly increase.

“The law is also clear that consideration shall be given to Nigerian companies which demonstrate ownership of equipment, personnel and capacity to execute job locally.

“I would like assure companies that have made investment in assets such as this that the board will support them.

“For those that are not already aware, the Board has a $200million Nigerian Content Intervention, NCI, that is domiciled with the Bank of Industry.”

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