AdminThe Nigerian Content Development and Monitoring Board (NCDMB), has raised the single obligor limit for contractor financing scheme from N20 million to N100 million.
The Board has also set aside N15 billion to fund the scheme.
Join our WhatsApp ChannelNCDMB Executive Secretary, Engineer Felix Omatsola Ogbe, made this known at the Practical Nigerian Content (PNC) Forum 2024 in Yenagoa, Bayelsa State.
Engr Ogbe explained that scaling up the financing scheme “gives more opportunities for local contractors to be able to access higher figures” to enable them to secure and execute meaningful contracts in the oil and gas industry.
He emphasised that the financing Scheme would help to “to bring the benefits of local content to communities.”
The Executive Secretary expressed delight that the Board’s partnership with the Bank of Industry (BOI) is working well, adding that the revised funding scheme would be highly beneficial to local contractors.
Engr. Ogbe reiterated the Board’s determination to deepen engagements with local communities and oil and gas industry players through other schemes such as the Back-to-the-Creeks Initiative, the Nigerian Content Academy, and creation of more conducive and befitting zonal offices to enhance service delivery by the Board.
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According to him, the Back-to-the-Creeks policy is “designed to equip youths in our communities with the skills to meet industry demands” through improvement of basic educational facilities and motivation of teachers.
Speaking at the official closing ceremony of the PNC Forum 2024, Ogbe, who was represented by the General Manager, Corporate Communications and Zonal Coordination, Barr. Esueme Dan Kikile, thanked industry stakeholders, vendors and staff of the Board for their contributions to the success of the event.
While acknowledging the invaluable input of experts of diverse backgrounds in various panel discussions that held on Tuesday and Wednesday (3rd and 4th December), Ogbe requested the NCDMB partner, DMG events Limited, “to develop key actionable points” from the PNC Forum “that will guide the industry” as it moves to the next frontier of Nigerian Content implementation.
He assured all industry stakeholders that the Board would continue to collaborate with them to fulfil its mandate as set out in its enabling statute, the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.
The PNC 2024 is the 13th edition of the annual event, which is dedicated to deepening Nigerian Content across the energy sector to support the country’s energy sufficiency goals.
The NCDMB Executive Secretary had announced that the Nigerian Content Development level has increased from 26 per cent in 2016 to 56 per cent in 2024.
The Board in its 10-year strategic roadmap unveiled in2017, set a target of 70 per cent Nigerian content level by 2027.
