NCDMB intervention fund increases to $350 million

Lagos — The Nigerian Content and Development Board, NCDMB intervention fund has shot up to $350 million.

This was revealed by the Executive Secretary of the Board, Engr. Simbi Wabote at the NBASBL & NCDMB Colloquium on Wednesday.

While delivering his keynote address at the conference titled ‘NOGICD Act: Strides Challenges & Opportunities’, Wobote said that the Nigerian Content Intervention Fund, NCIF increased from $200 million to $350 million in the last one year.

According to him, the increment comes with additional products for working capital, and for women in the oil and gas sector.

Wabote also revealed that a forensic audit of the Nigerian Content Development Fund, NCDF remittances has been held, leading to recoveries close to $100 million.

He said that the Board had successfully exited appropriation since 2018, and that it intends to maintain its self-funding status through the prudent management of the NCDF entrusted in its care.

Listing some of NCDMB’s achievements since its establishment in 2010, Wabote said the Nigerian Oil and Gas Industry Content Development, NOGICD Act has restored hope to the Nigerian oil and gas industry as no nation can survive under the negative trend of capital flight, loss of jobs and community discontentment.

“Since inception in 2010, the implementation of the Act has resulted in 35% of in-country value retention compared to the less than 5% value retention before the NOGICD Act”, he said.