Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe
The Nigerian Content Development and Monitoring Board (NCDMB) has continued to step up quality of service to both major and emerging companies in the nation’s oil and gas industry especially since the coming of the current Executive Secreatary Engr. Felix Omatsola Ogbe. Part of his latest innovations is the strenghtening and widening of the scpoe of the Nigerian Content Development Fund (NCDF).
Business Hilights recalls that the NCDF is a financial resource established to drive the implementation of Nigerian Content development within the Nigerian oil and gas industry. It is a pool of funds that supports local capacity building and sustainable growth in Nigeria’s upstream sector. The NCDF is specifically designed to address financial and liquidity challenges faced by Nigerian companies operating in the oil and gas industry.
Here’s a more detailed breakdown:
Purpose:
The NCDF aims to increase Nigerian participation in the oil and gas sector by providing financial support to local companies.
Funding:
The fund is sourced from a 1% deduction from every contract awarded in the upstream sector of the Nigerian oil and gas industry, as stipulated by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
Management:
The Nigerian Content Development Board (NCDMB) manages the NCDF and uses it to fund various projects, programs, and activities aimed at increasing Nigerian content.
Key Objectives:
Boosting local expertise and workforce development.
Supporting the growth of Nigerian-owned businesses.
Facilitating access to financing for indigenous manufacturers and service providers.
Promoting research and development in the oil and gas sector.
Impact:
The NCDF has been instrumental in supporting numerous projects, building local capacity, and fostering growth among Nigerian companies in the oil and gas industry.
Nigerian Content Intervention Fund (NCI Fund):
A portion of the NCDF is allocated to the NCI Fund, which is managed by the Bank of Industry (BOI) to provide loans to qualified oil and gas companies.
