Nigeria local content agency to double intervention fund

The Nigerian Content Development and Monitoring Board, NCDMB, says it is considering increasing the Nigerian Content Intervention Fund by 100 per cent.

The fund, domiciled in the Bank of Industry, is currently valued at about $100 million, dedicated to lending qualified oil and gas operators for the execution of projects as a strategy to build capacity and encourage the participation of Nigerian companies in the industry.

The Executive Secretary of the board, Simbi Wabote, who disclosed this during his visit to the new Managing Director of the, BOI, Olukayode Pitan, said raising the pool fund would assist more deserving companies.

The NCDMB and BOI launched the NCI Fund in July 2016. But, it suffered long delays to come into operation, as efforts were made to fine-tune the governance process.

The Fund replaced the original model which allowed the provision of partial guarantees and 50 per cent interest rebate to service companies who obtained facilities from commercial banks to assist them acquire asset and execute projects.

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