…Says $300m NCIF fully disbursed

By Obas Esiedesa, Abuja

The Nigerian Content Development and Monitoring Board (NCDMB) on Thursday solicited the support of the media in promoting local content in the Nigerian oil and gas industry.

The Board stressed that growing local content would ensure job creation, economic growth and improved revenue for the government.

General Manager, Corporate Communication & Zonal Coordinator, NCDMB, Dr. Ginah O. Ginah who spoke in Abuja at the Nigerian Content Capacity Building Workshop for media stakeholders, said the board would continue to support Nigerian companies operating in the industry to play increasing role in the sector.

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Dr. Ginah pointed out that though the global push for energy transition was casting doubt on the future of oil production, Federal Government’s policy on gas as transition energy provided a huge opportunity for local operators.

“At the NCDMB, we believe strongly that the world would witness energy mix or redistribution rather than an outright swap of fossil fuels to renewable energies”, he stated, adding that “what is more important is how we react to these emerging developments.

“NCDMB has aligned itself completely with the declaration by President Muhammadu Buhari and Minister of State for Petroleum Resources that Gas is Nigeria’s Transition Energy”.

Also speaking at the workshop, General Manager, Nigerian Content Development Fund (NCDF), Mr. Obinna Ofili disclosed that the $300 million Nigerian Content Intervention Fund (NCIF) has been fully disbursed with 53 Nigerian companies benefiting from it.

Mr. Ofili also disclosed that though the loans from the fund had a tenor of five years with an extended period of two years due to the Covid-19 impact, three companies have fully liquidated their loans.

“There is no bad loan under the scheme presently as all the loans are performing and meeting their obligations”, he added.

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