The Nigerian Content Intervention (NCI) Fund, managed by the Bank of Industry (BoI) under the Nigerian Content Development and Monitoring Board (NCDMB), has disbursed N38.4 billion to 69 companies. The NCI Fund, established in 2018, aims to finance oil and gas companies to enhance their capacity and promote Nigerian content in the industry. Managed by the BoI, the fund has five product lines, including Manufacturing Finance ($10 million), Asset Acquisition Finance ($10 million), Contract Finance ($5 million), Loan Refinance ($10 million), and Community Contractor Finance (N20 million).
At the second-quarter review meeting of the NCI Fund, the Managing Director of Bank of Industry, Mr. Olukayode Pitan, expressed confidence in the fund’s future performance and noted that the quarterly review meetings would ensure effective disbursements and recovery of the funds.
Furthermore, the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BoI) signed an amendment to the Memorandum of Understanding (MoU) for the $50 million NOGaPS Manufacturing Fund. This fund aims to attract oil and gas equipment manufacturers to the Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities and provide affordable finance for manufacturing entities within the parks. The NCDMB has highlighted the success of the NCI Fund in catalyzing capacity development and investments in the Nigerian oil and gas industry, even inspiring similar initiatives in other African countries like Angola and Namibia.
