‘About 30% of $200m NCI fund still accessible’

The Nigerian Content Development and Monitoring Board (NCDMB) has revealed that over 70 percent of the US$200 million Nigerian Content Intervention Fund (NCI Fund) has been accessed by operators.

According to the Board, applications for the fund which is being disbursed by the Bank of Industry (BoI) are still being received, treated and plans are underway to expand the fund. The NCI Fund is a portion of the Nigerian Content Development Fund (NCDF) set aside by the NCDMB for BOI to manage and lend to support indigenous manufacturers, service providers and other key players in the oil and gas industry.

The US$200 million, according to the Executive Secretary, Simbi Wabote, is a first step release of funds to empower operators to improve their capacity.

Wabote, who was represented by the Board’s General Manager, Corporate Communication and Zonal Coordinator, Ginah O. Ginah in Lagos at a media workshop, noted that the $200 million is part of the funds that was made available to the BoI, saying, “we are looking at a seamless transition and as it’s finishing, we will replenish.”

Also, in advancement of its 10 years transformation roadmap, which commenced in 2017, Supervisor, Strategy and Transformation of the Board, Olubisi Okunola disclosed that the Board’s Nigerian content mark has hit 30 per cent in 2019, and plans are underway to achieve the remaining 40 per cent by 2027.

According to him, hitherto the transformation roadmap, the focus was on upstream, but going forward, as part of efforts to attain the remaining 40 of the 70 per cent target, more attention would be shifted to the midstream, downstream and sectorial linkages.

He explained that there were five pillars (building technical capabilities, compliance to the NOGICD act, enabling business environment, organisation capability, sectorial and regional market linking), and four enablers (funding, regulatory environment, collaboration and stakeholders’ engagement, research and statistics) under the roadmap, while 20 out of the 25 short term initiatives have been achieved.The board further mentioned some activities such as expansion of LPG, through local manufacturing of gas cylinders, support of modular refineries among others.