The sum of $200 million has been released by Nigerian Content Development and Monitoring Board (NCDMB) to the Bank of Industry (BoI) for the support of indigenous oil and gas service providers in the country.
Executive Secretary of NCDMB, Mr Simbi Wabote, speaking on Tuesday at the 7th Practical Nigerian Content Forum in Uyo, Akwa Ibom, stated that the funding package will assist local oil firms create more jobs in the country.
He said his agency would ensure that about eight indigenous oil and gas service providers access the fund every six months to boost job creation in the sector.
“With respect to the Nigerian Content Intervention Fund, in the last one year, we have launched the $200 million intervention fund for our Nigerian oil and gas service providers who are contributors to the Nigerian Content Development Fund.
“It may interest you to know that we have released the $200 million intervention fund to the Bank of Industry for adequate disbursement.
“The intervention fund has all-in single digit interest rate of eight percent for loans extended to Nigerian oil and gas service providers and all-in single digit interest rate of five percent for loans extended to community contractors.
“We will also ensure that the NCIF becomes fully operational and provide statistics of service providers and community contractors who have benefited,” the board chief said.
Mr Wabote further stated that third party outfits were being engaged to monitor compliance with respect to local content implementation in the upstream, midstream and downstream arms of the oil and gas industry.
“We will put in place third-party outfits to enhance compliance monitoring in the upstream, midstream and downstream sectors of the industry, as well as sharpen intervention monitoring based on complaints and whistle-blower alerts,” he said.