The federal government through the Nigerian Content Development and Monitoring Board has fully disbursed the $300 million Nigerian Content Intervention Fund to about 53 indigenous operators in the oil and gas industry.
To grow Nigerian content in the industry, the federal government had launched the initial $200 million fund for Nigerian companies involved in manufacturing in the oil and gas industry as well as firms seeking to acquire assets, especially rigs and marine vessels. It was later expanded from $200 million to $350 million, with $100 million from the additional funds deployed to boost the five existing loan products of the NCI fund, which include manufacturing, asset acquisition, contract financing, loan refinancing and community contractor financing.
He added that three companies who accessed the fund had fully repaid, even before expiry, with the rest having never defaulted in their monthly remittances. In his contribution, the Chairman, THISDAY Editorial Board, Mr Segun Adeniyi, called for proper monitoring of the fund to ensure that those who access it at 6 per cent or 8 per cent, do not round-trip the funds.
Speaking to correspondents present at the event, he advised them to arm themselves with relevant knowledge, especially laws guiding the industry to make sure that no one bamboozles them with technicalities in the coverage of the sector.
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