Nigerian Content Fund to undergo review for improved efficiency — NCDMB ES
The Nigerian Content Intervention (NCI) Fund will undergo review for improved efficiency, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omotsola Ogbe has stated.
Speaking at the quarterly engagement forum held with the Bank of Industry (BoI), custodians of the fund on Monday in Lagos, Ogbe confirmed that the NCI Fund has since its inception played a crucial role in transforming the Nigerian oil and gas industry.
He stated that by providing essential financial support, the fund has empowered numerous Nigerian companies and fostered local capacity development and promoted sustainable growth.
He indicated that the NCI Fund has been instrumental in driving and deepening local content development within the Nigerian oil and gas industry and its linkage sectors. The Fund has also supported numerous projects, building capacities along the local value chain and fostering growth among Nigerian companies, he added.
Speaking further, Ogbe informed that the Board was pursuing continuous improvement and innovation.
He said, “We will be proposing several strategic changes that will further enhance the impact and efficiency of the NCI Fund.”
The NCI Fund is a portion of the Nigerian Content Development Fund (NCDF), which was set up by section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. The NCDF is contributed by 1 percent percent deduction from every contract awarded in the upstream sector of the Nigerian oil and gas industry.
The NCDMB had deposited US$300 million with the BoI, which had loaned out US$330 million to 70 qualified oil and gas companies. The additional $30 million accrued from interests from the loans, according to records provided to the Board.
The NCI Fund is the most successful fund scheme in the country, considering the faithful repairment by the beneficiaries and the growth of the fund. The Bank of Industry carries out quarterly project monitoring on the loan beneficiaries, while the NCDMB holds an annual monitoring review on the fund scheme and beneficiaries.
