NCI Fund: NCDMB disburses $21m to local operators

December 6th, 2018

By Obas Esiedesa

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has disclosed that about $21 million have been given out as loans to beneficiaries from the $200 million Nigerian Content Intervention Fund (NCI Fund) as at October this year.

He spoke at the 8th Practical Nigerian Content Workshop, organised by the NCDMB and CWC, in Yenagoa, Bayelsa State.

Wabote said the Board in 2019, intends to “develop and launch our investment policy to further provide flexibility to our funding and investment interventions”, he said.

He also hinted that in 2019 the Board “plans to support the establishment of at least one more modular refinery and participate in the LPG value chain if the conditions precedent are in place”

NCDMB had in 2018 taken 30 percent equity in the 5,000 barrels per day modular refinery in Ibigwe, Imo State and commenced the construction of oil and gas parks at Bayelsa and Cross River States.

On the provision of constant power to the parks, Wabote said a thermal power plant was being constructed by the Nigerian Agip Oil Company (NAOC), which would also serve the oil and gas park in Bayelsa state while discussions are ongoing to source electricity from the NIPP station in Odukpani, Cross River State to supply the park situated close-by.

Speaking at the event, the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru commended the Board for the achievements recorded in the implementation of Nigerian Content in the oil and gas industry.

Kachikwu who was represented by the Permanent Secretary in the Ministry of Petroleum Resources, Dr. Folashade Yemi, said the impact of Nigerian Content in the oil industry has stimulated other sectors like Information & Communication, Automobile, Construction and Power to adopt some of the templates in their policy formulations.
“We are also proud that some African countries like Kenya, Congo Brazzaville and Uganda as well as Gabon and Angola have come to Nigeria in the past for mentorship on Local Content initiatives,” he added.
On his part, Baru said NNPC was pleased to see the achievements of Local Content in various sectors of the Nigerian economy, noting that “in 2010, the available in-country capacity for line pipes was 100,000 metric tonnes, just 10 percent of the annual industry demand of one million MT/annum. However, today, through the robust collaboration of NCDMB with NNPC and other stakeholders, the capacity of line pipes has been ramped up to 420,000MT/annum, representing 40 percent of industry demand.”

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