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Nigerian content board earmarks N21b for oil & gas park

The Nigerian Content Development and Monitoring Board (NCDMB) said it has secured approval to launch a N21 billion ($50 million) fund for the Nigerian Oil…

The Nigerian Content Development and Monitoring Board (NCDMB) said it has secured approval to launch a N21 billion ($50 million) fund for the Nigerian Oil and Gas Park Scheme (NOGAPS).

The Executive Secretary of NCDMB, Engr Simbi Kesiye Wabote, revealed this at the weekend during the commissioning of the ultra-modern valve assembling facility established by Catobi Nigeria Enterprises Limited in Port Harcourt, Rivers State.

It noted that the fund would help companies engaged in the manufacturing of equipment components used in the oil and gas industry and linkage sectors.

The board established the NCI Fund in 2018 with the purpose of financing oil and gas companies to increase capacity and grow Nigerian content in the industry presently.

The NCI Fund has five product lines which are being managed by the Bank of Industry. They include Manufacturing Finance – $10m; Asset Acquisition Finance – $10m; Contract Finance – $5m; Loan Refinance -$ 10m and Community Contractor Finance – N20m.

He said the parks were expected to be commissioned and be operational in Q4 of 2022 and would incubate the manufacturing of equipment components utilised in the oil and gas industry and create an estimated 2000 jobs in each park.

The Chairman of Catobi Nigeria Enterprises, Dr Okey Ukaegbu, said with the new valve assembling plant, the company would be able to serve other sectors of the economy.

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