According to NCDMB Executive Secretary, Engr. Simbi Wabote, this year’s theme is important as it highlights the critical role of the oil and gas industry in fueling industrialization and overall development of Nigeria's economy.
The Board established the NCI Fund in 2018 with the purpose of financing Oil and Gas companies to increase capacity and grow Nigerian Content in the Industry Presently, the NCI Fund has five product lines which are being managed by the Bank of Industry. They include - Manufacturing Finance -$10m; Asset Acquisition Finance -$10m; Contract Finance -$5m; Loan Refinance -$10m and Community Contractor Finance - N20 million.
“We have partnered with credible investors to develop critical projects in the sector to take Nigeria towards the goal. It is worthy of note that 70 percent of our investments are on gas-based activities, especially midstream and downstream gas. Our investments underscore the importance of gas to Nigeria’s economic sustainability, apart from its role in the energy transition,” he said.
He gave the breakdown of the Board’s achievements and initiatives and hinted that NCDMB was developing the oil and gas parks in conjunction with key operators in the oil and gas industry.
We once again laud President Tinubu for his bold vision and stand ready to collaborate with his administration in its effort to promote greater economic equality and prosperity for all Nigerians.
