NCDMB, BoI review agreement on N15bn community contractor fund
The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) have reviewed the agreement on the Nigerian Content Community Contractors Financing Scheme.
The two government organisations signed the reviewed agreement at the ongoing 13th Practical Nigerian Content (PNC) Conference and Exhibition holding at the NCDMB Conference Centre in Yenagoa, Bayelsa State.
The community contractor fund addresses a critical challenge faced by local contractors in accessing much-needed funds for contracts awarded by oil and gas companies.
Under the new product paper for the fund, N15 billion has been earmarked for the fund and “the single obligor limit has been increased from N20 million to N100 million,” Ogbe hinted.
Meanwhile, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe in his remarks on Tuesday revealed that 312 Nigerian Content Plans have thus far been approved by the Board and that 402 Nigerian Content Compliance Certificates (NCCCs) were issued.
He added that the new Project Certification and Authorisation Directorate (PCAD) guidelines have reduced the Board’s touchpoints from nine to five, and the contracting cycle cut to six months, he confirmed.
On the Nigerian Content Academy recently established by the Board for training to prepare Nigerians through a range of courses that cover every aspect of the oil and gas industry, from upstream exploration to downstream processing, he said new career paths and economic opportunities are being opened for local communities. The Academy was unveiled by the Ministers as part of activities marking the Forum.
The Executive Secretary gave insight into the Back-to-the-Creeks Initiative which focuses on taking Nigerian Content benefits to local communities, especially developing basic educational facilities in communities and equipping youths in host communities with the skills needed to meet industry demands, and thus directly supporting the local content drive.
In his remarks, the Bayelsa State Deputy Governor, Senator Lawrence Ewhrudjakpo, commended the NCDMB and industry stakeholders for putting together the event, and for the collaboration that has yielded remarkable developments in the petroleum industry.
He, however, reminded the industry captains that Bayelsa State accounts for about 60 per cent of the gas feedstock for the Nigeria Liquefied Natural Gas (NLNG) Project, Bonny, which has now progressed to Train 7, and thus deserves to have a train built within its territory.
The PNC ends today at the Nigerian Content Tower, Yenagoa with a visit to First Marine and Engineering Services Limited base in Swali, Yenagoa.
