*As defaulters to face sanctions, EFCC OpeOluwani Akintayo Lagos — Ongoing forensic audit of statutory remittances by oil and gas…
Browsing: Nigerian Content Development Fund
“The intervention fund has all-in single digit interest rate of 8 per cent for loans extended to Nigerian oil and gas service providers and all-in single digit interest rate of 5 per cent for loans extended to community contractors,” he stated.
He said, “The intervention fund has all-in single digit interest rate of eight percent for loans extended to Nigerian Oil and Gas Service providers and all-in single digit interest rate of five percent for loans extended to community contractors.”
“Over the years, Nigerian companies have found it difficult competing with their counterparts from jurisdictions where funding is accessible for 5% or less as compared to our market where bank lending rates hover around 20%,” he said.
The intent is to promote the participation of genuine community contractors in oil and gas projects and integration of communities in the industry value chain as part of the strategy to grow the local economy and promote peace and tranquility in the communities.
The FPSO is the biggest component of a deepwater oil and gas project and the fabrication and integration of the modules at any location spurs multi-dimensional development and creates thousands of jobs.
According to him, the visits to operating and service companies around the country were conceived to engage stakeholders, and explain strategies adopted by the NCDMB to foster projects and ensure domiciliation of work scopes and maximization of in-country capacities.
When I resumed office as CEO of NCDMB, I made a firm commitment to run an open and transparent organisation and to be upfront with information on the activities, programmes and even challenges facing the NCDMB. I am determined to remove opaqueness, rumours and insinuations often associated with oil and gas establishments.
*NCDMB management committed, optimistic *Experts claim policy has achieved little success *Content Development Fund grows to $600m Oscarline Onwuemenyi 11 December…
According to him, “Not much has been expended from that fund for capacity development. Part of the strategy of this new Board is to come out with a very transparent process with which genuine Nigerian contractors in the oil and gas sector will have access to the fund.”
