Business
Nigeria Content Support Fund Hits $100 Million
The Nigerian Content Support Fund (NCSF), a pool of one
percent of profits made by oil companies in the country, has about $100 million
in its coffers, the executive secretary of the Nigerian Content Development and
Monitoring Board (NCDMB), Engr. Ernest Nwapa has said.
Giving a speech at the just concluded Nigeria Oil and Gas
Trade and Investment forum in Onne, Rivers State, Engr Nwapa said NCSF which
would be launched in October, its designated accounts and procedures for
payment of one percent have been set up.
According to him the Structure for NCDF has been developed
and approval secured for award to financial advisors and added that the new
fund would be used as a pool to attract and facilitate venture capital.
He explained that to close all identified gaps in the old
fund, Professionals would run the NCDF saying the structure of the new
arrangement would insulate the operations of the fund from the NCDMB but the
board still has overall responsibility for the fund.
He said to succeed in using the fund for targeted capacity,
and the industry’s Cooperation would be required and attributed the growth of
Nigerian content from five percent in 2004 to 35 percent in 2010 to the
implementation of the Nigerian content Act 2010.
2 Through the implementation of the Act, it would ensure the
retention of about $ 40 billion in the nation’s economy within the next four
years at an average of $10 billion annually, it was disclosed that the nation’s
economy at present retails only $4 billion out of the annual oil and gas
expenditure which stood at N20billions.
The Nigerian content Act 2010 also has the capacity to create
over 30,000 direct employment and training opportunities as well as enhance the
establishment of three to four new pipemills to service the demands of the
industry and develop one or two dock yards.
Also, Hon. Olusegun Aganga, the Minister for Trade and
Investment who noted that the oil and gas industry plays a dominant role in the
growth of the nation’s economy pointed out that the Oil and Gas free Zone
concept was central and strategic to defining sustainable transformation
strategy for the national economy.
He urged participating investors to explore all the
opportunities provided by the forum.
Vivian-Peace Nwinaene
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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