No fewer than 61 companies have benefited from various loans under the Nigeria Content Intervention (NCI) Funds with over $293m (130.3bn at N445/$) and N32bn so far disbursed.
The NCI Fund is sourced from the Nigerian Content Development Fund, a special Fund created by the Nigerian Content Development and Monitoring Board (NCDMB) to finance Nigerian Content development in the Nigerian oil and gas industry.
The General Manager, NCDF and Treasury Management of the NCMB, Dr. Obinna Ofili disclosed this yesterday during a media workshop with the theme, “Enhancing Media Competencies to Support Nigerian Content in a Gas Economy.”
He spoke just as the board said it has achieved 54 percent in entrenching local content in the industry.
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The NCI’s total fund disbursement, according to the board, was out of the total applications received by the Bank of Industry (BOI) from 169 companies.
The total applications were valued at US$868.8m and N77.6bn at the end of Q3 2022, the board said.
Ofili reeled out variants of the NCI to include the $300 million Nigerian Content Intervention Fund with Bank of Industry; US$50 million NCDMB Research & Development Fund with Central Bank of Nigeria; US$30 million Working Capital & Capacity Building Fund with NEXIM Bank; US$20million Women in Oil & Gas Fund with NEXIM Bank; US$50million NOGAPS Manufacturing Fund with Bank of Industry and NCDMB Direct Interventions through Equity Investments worth US$181 million N3 billion.
According to him, the NCI Fund compliments equity funds availed by NCDMB “to bridge gaping financing gaps in critical ventures.”
He said, “Disbursements so far are US$293.26m and N32.85bn. Total balance with BOI is US$31.5m and N3.11bn as at November 2022.”