Business
Local Investors To Benefit From $200m NCDMB Fund

The Nigeria Content Development and Management Board (NCDMB), says all is now set for local contractors and investors in oil and gas sector to access loan from the recently launched 200 million dollars Nigeria Content Intervention Funds (NCIF) to grow local capacity and increase participation in the sector.
The Executive Secretary of the Board, Engr Simbi Wabote said this in an interview with newsmen in Port Harcourt, recently.
Wabote explained that the intervention fund which was established as an enabler in 2017 has a single digit interest rate of eight per cent for loans to Nigeria oil and gas service providers, and five per cent for loans to community contractors.
He said the release of the fund is one of the several strategic initiatives of the board in its bid to elevate local contents participation in the oil and gas industries.
Wabote said the aspirantions of the board in terms of its 10-year strategic plan is to have up to $14 billion out of the about $20 billion domiciled in the country annually.
The board secretary, who identified cost of training of financing project as the major impediment for most Nigerians in the oil and gas sector, said the board has come up with facilities that involved a large range of funding up to $10 million with a single digit interest rate of eight per cent and short term contractor to access loans up to $5 million at the rate of 8%.
Wabote further explained that the community contractors can access up to $20 million with an encouraging interest rate of 5 per cent that can span up to five years.
According to him, the loan would be accessed through personal guarantor of the promoter or with people that work with government ministries from grade level 12 and above or people that work in Banks.
According to him, those applying for the loan must go directly to the bank of industry as they also opened a web portal where people can apply.
The NCDMB secretary said the board can only get better through partnership with other financial institutions to improve local contents in the country.
Enoch Epelle
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