At Stakeholders forum, NCDMB highlights funding opportunites

The Nigerian Content Development and Monitoring Board (NCDMB) recently hosted a Stakeholders Sensitization and Engagement Forum in Port Harcourt to clarify regulatory processes and highlight funding opportunities for indigenous oil and gas companies, community contractors, and vendors.

The event, held on Wednesday, focused on several key areas, including clarifying the process for issuing the Nigerian Content Development Fund (NCDF) 1% Compliance Certification, demonstrating new features of the upgraded 1% NCDF payment portal, providing guidance on the revised Community Contractors Scheme, and serving as a crucial engagement platform with the Board's financial partners: the Bank of Industry (BOI) and the Nigerian Export-Import (NEXIM) Bank.

In his opening address, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, emphasized the Board's commitment to enforcing the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, ensuring compliance is practical and mutually beneficial.

Engr. Ogbe announced the introduction of the Nigerian Content Fund Clearance Certificate (NCFCC). This new instrument will serve as a verifiable and transparent proof of compliance for companies remitting the 1% deduction mandated by Section 104 of the NOGICD Act.

Section 104 stipulates that a one per cent deduction from the value of every contract awarded in the upstream subsector must be paid by all operators (both IOCs and indigenous companies), contractors, and subcontractors. This fund is vital for the overall development of Nigerian Content in the industry.

The forum also dedicated significant attention to the Nigerian Content Intervention Fund (NCI Fund).

Represented by the Director, Finance and Personnel Management, Mr. Ossa Uchendu, the Executive Secretary acknowledged that financing plays a pivotal role in deepening local content.

Financial partners BOI, NEXIM, and FCMB were present to explain the different funding windows available to support indigenous businesses.

Engr. Ogbe urged the stakeholders comprising chief executives, contractors, and vendors to actively engage, share their experiences, and gain deeper insights into how these financial opportunities can support and expand their operations.

"Share your perspectives candidly and join us in co-creating practical solutions that will sustain and advance Nigerian Content development for the benefit of our nation and the industry," he charged the attendees, reinforcing the collaborative nature of the forum.