The Nigerian Content Development and Monitoring Board (NCDMB) is planning to introduce changes to the Nigerian Content Intervention (NCI) Fund to improve its efficiency and impact.
The Executive Secretary, Engr. Felix Omotsola Ogbe, made the announcement at a quarterly engagement forum with the Bank of Industry (BoI), the custodians of the fund, held in Lagos on Monday.
The NCI Fund has been instrumental in transforming the Nigerian oil and gas industry since its inception, providing financial support to numerous Nigerian companies and fostering local capacity development.
This has contributed to sustainable growth in the sector. The planned changes aim to further enhance the fund's role in promoting local content and increasing its overall impact.
In a press release by the NCDMB, its executive secretary, Engr. Felix Omotsola Ogbe, indicated that the NCI Fund has been instrumental in driving and deepening local content development within the Nigerian oil and gas industry and its linkage sectors. The Fund has also supported numerous projects, building capacities along the local value chain and fostering growth among Nigerian companies, he added.
Speaking further, Ogbe informed that the Board was pursuing continuous improvement and innovation. He said: “We will be proposing several strategic changes that will further enhance the impact and efficiency of the NCI Fund.”
The Nigerian Content Intervention Fund (NCI Fund) is a portion of the Nigerian Content Development Fund (NCDF), which was set up by section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. The NCDF is contributed by 1% percent deduction from every contract awarded in the upstream sector of the Nigerian oil and gas industry.
The NCDMB had deposited US$300m with the BoI, which had loaned out US$330m to 70 qualified oil and gas companies. The additional $30m accrued from interests from the loans, according to records provided to the Board.
Newsmart gathered that the NCI Fund is the most successful fund scheme in the country, considering the faithful repayment by the beneficiaries and the growth of the fund. The Bank of Industry carries out quarterly project monitoring on the loan beneficiaries, while the NCDMB holds an annual monitoring review on the fund scheme and beneficiaries.
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