- Nigerian Content Fund Hits $650m
The Nigerian Content Development Fund (NCDF) has grown to $650million from the previous figure of $600million, the Nigeria Content Development and Monitoring Board (NCDMB) has said.
NCDF General Manager, Mr. Obinna Ofili, told reporters in Lagos that it has $200 million with the Bank of Industry (BoI) and $450 million in its purse.
Ofili said he was aware that between January and April, the Fund made $45million.
He explained that the NCDF is being funded from one per cent deductions all contracts awarded in the upstream sector of the oil and gas industry, adding that currently about 157 operators contribute to the Fund. The Fund is meant assist to grow indigenous capacity and skills.
According to him, the Board is trying to be self-sustaining as it tries to exit receipt of subvention from the government. He said by so doing, the Board would make substantial money for the government yearly.
Ofili also said the Board had been able to retain $5 billion yearly in-country from the yearly $20 billion industry-wide spend in Nigeria’s oil and industry. “The board targets to achieve about 70 per cent, which translates to $14 billion in-country retention in the next ten years,” he explained.
According to him, the Fund will also promote development of the Nigerian Content activities connected with sectors of the industry.
“The Fund will also deepen the creation of linkages to other sectors of the national economy and boost industry contributions to growth of national Gross Domestic Product (GDP), among others.
He said the Nigerian Content Intervention Fund (NCIF) is a pool of funds made available by NCDMB, which is managed by the Bank of Industry (BoI). The aim of the fund is to tackle funding needs of indigenous manufacturers, service providers and other key players in the oil and gas industry.
