The Nigerian Content Development and Monitoring Board (NCDMB) plans to introduce some changes that will enhance the Nigerian Content Intervention (NCI) Fund and increase the fund’s impact and efficiency.
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omotsola Ogbe, hinted of the changes at the quarterly engagement forum held with the Bank of Industry (BoI), custodians of the fund.
Commenting on the performance of the Fund, the Executive Secretary 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.
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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.
Speaking further, Ogbe said: “We will be proposing several strategic changes that will further enhance the impact and efficiency of the NCI Fund.”
The Nigerian Content Intervention Fund (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 deduction from every contract awarded in the upstream sector of the Nigerian oil and gas industry.
The NCDMB had deposited $300m with the BoI, which had loaned out $330m to 70 qualified oil and gas companies. The additional $30m accrued from interests from the loans, according to records provided to the Board.
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