NCDMB Increases Local Content Fund To $200m

NCDMB Increases Local Content Fund To $200m

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, Monday said the agency had obtained all necessary approvals to relaunch the Nigerian Content Intervention Fund (NCI Fund) and had increased the pool available for lending to qualified oil and gas players from $100 million to $200 million, THISDAY reports.

He spoke in Lagos just as Dangote Refinery said it would select competent Nigerian vendors that would participate in the construction of its plant from the Nigerian Oil and Gas Industry Joint Qualification System (NOGICJQS), the database of available capacities in the oil and gas industry managed by the NCDMB.

He disclosed that the board had obtained all necessary approvals to relaunch the Nigerian Content Intervention Fund (NCI Fund), adding that the pool available for lending to qualified oil and gas players had been increased from $100 million to $200 million to ensure that more deserving companies benefit at the same time. He reiterated that the NCI Fund would be disbursed directly by the Bank of Industry (BOI) at 8% interest rate and repaid within five years.

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