130 firms access $400m local content fund
No fewer than 130 firms have accessed the $400 million Nigerian Content Intervention Fund (NCI Fund) aimed at supporting the development of local capacity and driving indigenous participation in the oil and gas sector. The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB) Engr. Felix Omatsola Ogbe stated this during the sensitization workshop in […]
No fewer than 130 firms have accessed the $400 million Nigerian Content Intervention Fund (NCI Fund) aimed at supporting the development of local capacity and driving indigenous participation in the oil and gas sector.
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB) Engr. Felix Omatsola Ogbe stated this during the sensitization workshop in Lagos.
Ogbe, represented by the Acting Director, Finance and Personnel Management, Mr. Mubarak Zuabair stressed that efforts are ongoing to expand access to more Nigerian-owned companies.
“It is however good to note that the combined $400million NCI Fund managed by BOI and NEXIM have been quite instrumental to the development of local capacity in the industry.
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“As at today, about 130 companies have accessed and benefited from this Fund across the various product lines. Work is however ongoing to ensure more indigenous companies in the industry have access to the fund,” he said.
He stressed that the workshop was organised to intimate stakeholders on the Compliance Certificate System, adding that it was developed to ensure that Nigerian Content requirements are met in all oil and gas projects.
“With the introduction of the Compliance Certificate, companies now have an objective standard to demonstrate conformity, while the Board is better positioned to ensure regulatory oversight.
“We understand that for this system to be effective, stakeholders must be adequately informed. This programme, therefore, provides an opportunity for hands-on engagement and clarification,” he said.
He noted that the NCDF payment portal has been upgraded for easy access, describing it as a major step forward in the drive for efficiency.
“The enhancements made to the platform are aimed at improving user experience, simplifying remittance processes, and ensuring real-time compliance tracking With the expected increase in inflow to the Fund following the implementation of compliance certification, this upgrade could not have come at a better time.
He urged participants to maximise the workshop, reiterating the effort to strengthen the Nigerian Content framework.