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Key into $200m intervention funds, NCDMB charges oil/gas firms

By Udeme Akpan, Energy Editor & Dennis Udoma

THE Nigerian Content Development and Monitoring Board, NCDMB, has advised the Nigerian oil and gas service providers to key into the $200 million intervention fund earlier launched by the board to grow their local content capability in the country.

Executive Secretary of the Board, Mr. Simbi Wabote, gave the charge, yesterday, at the on-going 7th Practical Nigerian Content conference in Uyo, Akwa Ibom State.

He said the fund, which was launched as an enabler last year, has a single digit interest of 8 per cent for loans extended to the Nigerian oil and gas service providers, and a single interest rate of 5 per cent for loans extended to community contractors.

Wabote also disclosed that the board has progressed the Nigerian Oil and Gas Parks Scheme in five states so far, adding that, in the last one year, it has equally put in place a firm arrangement for provision of 24 hours power supply to all industrial parks, a development he noted, that is a core enabler for domestication of manufacturing in the country.

He expressed optimism that the board in the coming year would put in place third party outfits to enhance compliance monitoring in the upstream, midstream, and downstream sectors of the industry, as well as sharpen intervention monitoring based on complaints and Whistleblower alerts.

The board, he said, also plans to co-develop and implement service level agreements, SLAs, on processes that interface with operators and other external stakeholders like the one recently executed with the Nigerian Liquefied Natural Gas Company, NLNG.


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