70 indigenous firms benefit from $300 Nigerian Content fund – Wabote

Over 70 indigenous companies have so far benefitted from the $300 million Nigerian Content Intervention Funds for asset acquisition, manufacturing, loan refinancing and project financing in the oil and gas industry.

Speaking on Thursday during the fourth edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF 2023) in Yenagoa, Bayelsa State, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB) said the fund was introduced to unearth the critical role funding plays in realizing the opportunities within the oil and gas industry, for which the board has widened the options of accessing.

He said the theme of this year’s NOGOF, “Oil & Gas Industry - Catalyst and Fuel for the Industrialization of Nigeria”, reflects the pivotal role that the oil and gas industry is expected to play in driving the economic growth and development of Nigeria, adding that the role expected of the oil and gas industry has been dwindling due to missed opportunities as a result of policy inconsistencies, deferred decisions, and investments apathy.

He said the board’s $50 million Nigerian Content Research and Development (R&D) Fund and the $50 million NOGaPS Manufacturing Fund are opportunities in the oil and gas industry, explaining that the forensic audit of remittances into the Nigerian Content Development Fund also opened up opportunities for 25 audit companies engaged to check the books of about 150 companies.

He said: “We have introduced and widened the options for accessing interventions even further with our $300m Nigerian Content Intervention Fund with BOI, our $50 million Nigerian Content R&D Fund, and our $50 million NOGaPS Manufacturing Fund.

“Over 70 companies have so far benefited from the intervention funds for asset acquisition, manufacturing, loan refinancing, and project financing. The forensic audit of remittances into the Nigerian Content Development Fund also opened up opportunities for 25 audit companies engaged to check the books of about 150 companies.”