NCDMB Begins $200m Local Content Fund Disbursement
The Nigerian Content Development and Monitoring Board (NCDMB), has commenced the disbursement of its $200 million Nigerian Content Intervention Fund (NCIF) at eight per cent interest rate to local oil and gas firms.
Executive Secretary, NCDMB, Mr. Simbi Wabote made the disclosure during a capacity building workshop for Energy and Business Correspondents, entitled, ‘NCDMB and the Nigerian Content Intervention Fund’. Represented by Director, Finance and Personnel Management, Mr. Isaac Iyalah, Wabote said that already, 45 firms had applied to access the fund.
Wabote explained that the about N72 billion intervention fund was to support the growth and development of the local companies in the oil and gas sector, noting that repayment would span five years. According to him, 11 applications had been approved, while $11 million has been released to the qualified beneficiaries, just as he warned the beneficiaries not to treat the loans as their share of the national cake.