NCDMB Signs Deal With BoI on $100million Content Devt Fund

The Nigerian Content Development Monitoring Board, NCDMB, and the Bank of Industry, Bol, on Tuesday, July 19, sealed a $100 millionNigerian Content Intervention Fund, NCI Fund.

The NCI Fund is a pool made available by NCDMB to meet the funding needs of manufacturers, service providers and other key players in the Nigerian oil and gas industry.

Stakeholders in the oil and gas industry had in recent past consistently queried the modus operandi of the NCI Fund, alleging its modalities were shrouded in secrecy.

However, acting Managing Director and Chief Executive Officer (CEO) of Bol, Mr. Waheed Olagunju, explained at the Memorandum of Understanding (MoU) signing ceremony that the need to build in-country capacity informed the decision of Bol to partner NCDMB in the management of the fund.

Olagunju said it remained regrettable that 60 years after Nigeria discovered oil in Oloibiri, a small community in present day Bayelsa State, the country is still largely import dependent.

The NCI Fund, according to him, will attract a single digit interest rate of eight percent with a tenor ranging from one to 10 years,a maximum moratorium of 12 months (from date of loan disbursement),$10 million maximum obligor limit and assurance of speedy processing.