Warning: getimagesize(https://media.energytimesonline.com/wp-content/uploads/2020/08/logo_n-removebg-preview-300x55.png): failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792
Wednesday, July 28, 2021
Home Upstream Industry NCDMB, NEXIM sign $30m capacity building fund

NCDMB, NEXIM sign $30m capacity building fund

NCDMB, NEXIM sign $30m capacity building fund

- Advertisement -

The Nigeria Content Development and  Monitoring Board (NCDMB) and the Nigeria Export Import Bank (NEXIM) have signed a $30 million Capital and  Capacity building fund for the nation’s oil and gas servicing sub-sector.

Executive Secretary, NCDMB, Simbi wabote, said at the signing ceremony in Abuja on Wednesday that the fund would go a long way to stabilise the sector.

“I want to commend Oil Producers Trade section (OPTS) because 98 per cent of the fund that we utilise in NCDMB are contributed by the OPTS members who generate these money for us. I know that OPTS and Independent Petroleum producers Group (IPPG) at some point had raised concern before NCDMB that inability of most of the indigenous contractors to provide service to them was due to fund challenges, especially when we got struck by COVID-19”.

“I recalled receiving several letters, particularly from IPPG trying to see how we support this and also I recall receiving similar letters from Petroleum Technology Association of Nigeria (PETAN) when the COVID-19 struck. And most people have nothing to do anymore because companies were shut down while most of them in operation are threatening to downsize or downward review of their pay roll”.

“Based on this, we then set up a committee to see how we can support. This funding scheme is a working capital intervention which is happening with NEXIM bank.Our other intervention fund is still with Bank of Industry (BOI) and it has been very successful with almost 98 per cent compliance in terms of pay back of the loan.

“So the roll out date for this new scheme is expected to be July1, 2021 and the fund size is $30 million and it will be boosted by matching fund of the same amount to be provided by NEXIM bank in Naira, to be converted at the prevailing official exchange rate.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Electricity generation from Egbin plant hits 883MW, loses N13.68bn to gas, grid constraints

  BY KAYODE EKUNDAYO Electricity generation from Egbin Power Plant has risen to 883MW as another 175MW unable to be utilized due to external constraints with...

Russia writes OPEC, restates commitment to cooperation

Russia has reaffirmed its commitment to the development of the constructive cooperation with the Organisation of Petroleum Exporting Countries (OPEC) both within the framework...

Oriental Energy Resources Announce Mustafa Indimi New Managing Director

Mustafa Indimi has been appointed the new Managing Director of Oriental Energy Resources Limited, a leading indigenous oil exploration and production company in Nigeria....

Shareholder protection is our priority- Lekoil Nigeria CEO

The Chief Executive Officer of Lekoil Nigeria Limited, Mr. Lekan Akinyanmi, has disclosed that the protection and growth of shareholder value remain priority in...

Recent Comments