ANNOUNCED AS TEMPORARYNo
The Nigerian Content Development and Monitoring Board (NCDMB) on 12 July 2017, announced its plan to increase the aggregate amount of financial resources it dedicates to qualified players in the national oil and gas industry via the Nigerian Content Intervention Fund. The increase of the denoted financial resources was from USD 100 million to USD 200 million.
The Nigerian Content Intervention Fund was for the first time launched in 2016 when the NCDMB signed a Memorandum of Understanding (MoU) with the Bank of Industry. The Bank of Industry is a state-owned Nigerian Bank designated to distributing the financial resources embedded in the Nigerian Content Intervention Fund. The Nigerian Content Intervention Fund represents a financing scheme which provides qualified national oil and gas industry players with loans of a five year duration period and single digit i.e. 8% (favourable) interest rates. It is important denoting that in the 2016 official statement, it was highlighted that the loans provided under this scheme were of a duration of 10 years instead of 5.
According to the official statements of the NCDMB, the increase of the fund is planned with the scope of enabling a larger pool of eligible oil and gas entities to benefit from the Fund as well as reduce the challenges that beneficiaries had in 2016 when it comes to accessing the Fund.
Lastly, according to official statements, in the upcoming weeks, the NCDBM plans to sign an updated MoU with the Bank of Industry - i.e. an updated MoU which reflects the increased budget.
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