Monday, 24 September 2012

Nigerian content fund hits N15.7 billion

Oil companies in the country have contributed $100 billion (N15.7 billion) to the coffers of the Nigerian Content Development Fund (NCDF) since inception of the scheme in 2010. The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Ernest Nwapa, said the contribution level was as at this month.
Nwapa said at Nigeria Oil and Gas Trade and Investment Forum 2012 organised by the Federal Ministry of Trade and Investment and Orlean Invest West Africa Limited, in Port Harcourt  that designated accounts for NCDF and procedure for payment of one per cent sum had been set up for the initiative. According to him, the fund would be managed by the board of NCMB and was different from the $350 million Local Content Fund, which was put together by NNPC in 2007 to serve as a working capital for Nigerian companies that got service contracts in the industry.
Nwapa said the vision of the NCMB was to grow the fund and use it to attract other financial players who would leverage on it such that Nigerian service providers would do business knowing that the fund was available for them to use. He called on Nigerian investors to take advantage of the immense opportunities which the Nigerian Content Act had created for them.

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