The Nigerian Content Development Fund:  interest rates should not hit double digit — FG orders BOI

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The Nigerian Content Development Monitoring and Development ( NCDMB) has assured indigenous contractors in the oil and gas industry that interest rate of Nigerian Content Fund will not rise above single digit. This was in response to fear being entertained by indigenous companies and expressed by contractors during the panel session 2 of WAIPEC tagged : Funding and Investing in oil and gas projects across the West AFRICAN region.

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, had announced during Practical Nigerian Conference late last year that the federal government about the release of the $200 million Nigerian Content Development Fund (NCDF) to the Bank of Industry (BoI) for Nigerian oil and gas service providers.

The representatives of Executive Secretary NCDMB at the West AFRICAN International Petroleum Exhibition and Conference ( WAIPEC), Director, Monitoring & Evaluation, NCDMB Mr Tunde Adelana assured contractors in Panel Session 2 that the NCDMB has firm commitment of the BOI management that the interest rate will remain at single digit rate before the fund was released.

He advised the Chairman of Petroleum Technology Association of Nigeria ( PETAN) Mr Bank Anthony Okoroafor to boost awareness of association members on the criteria for benefiting from the fund. “ Before the end of 2018, it will be a plus for NCDMB and the Federal Government, if significant proportion of the Nigerian Content Fund is utilized by indigenous contractors to build in-country capacity needed to create jobs in line with the employment creation drive of President Muhammadu Buhari,” he stated.

In response to the advise of the NCDMB, PETAN Chairman stated: “The NCDMB has set up the frame work while the modalities are with Bank of Industry and whoever meets their criteria will access it. So, we are pushing NCDMB to see that many members access the fund”.

Also responding to the issues raised by participants on Nigerian Content and African content, he pointed out that collaboration is the way forward. “African content is synonymous to Nigerian content and just like we have NEPAD. Cooperation among African countries is the way forward. It will drive down cost, create more opportunities and leave a lot of money for the development of African countries to grow our gross domestic products (GDPs) and create so many opportunities for youths in Africa,” he explained.


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