By Dennis Mernyi
The management of the Nigerian Content Development and Monitoring Board (NCDMB) has disclosed that a total of 53 companies have accessed $300 million for the development of local content in the oil and gas sector since its inception ten years ago.
The loan categories granted to those companies whose technical consortium must include Nigerian experts as one of the criteria ranges from manufacturing, assets management, and construction among others.
Giving insight into the disbursement of the facility in Abuja Thursday at the one-day media forum on the Nigerian Content capacity building workshop for media stakeholders, Mr. Obinna Ofiri, general manager in charge of the national content development fund of the board explained that only three firms were prequalified from the inception of the scheme.
But he further stated that $200 million was set aside initially but was later increased to $300 million to accommodate about 53 firms that were later qualified to participate in the scheme.
Impressively, Mr. Ofiri noted that non of the firms defaulted in the servicing of the loans as proper assessments and monitoring carried out by the board was satisfied with their performances.
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Expressing delight with the success of the fund, he attributed it to the level of capacity building and confidence exhibited by both the firms and their bankers who serve as collateral for accessing the facility.
In his presentation, Dr. Ginah O. Ginah, general manager, Corporate communications, and zonal coordinator disclosed that the board has planned to build more gas depots in Abuja and other major locations across the country as a deliberate plan to increase natural gas usage and consumption.
