The Nigerian Content Development and Monitoring Board (NCDMB) on Friday disclosed that it had commenced a 10-year development plan aimed at creating 300,000 jobs in the nation’s oil and gas industry.
The Executive Secretary of the Board, Mr Simbi Wabote, who gave this hint during a capacity building workshop for Energy and Business Correspondents in Yenagoa, Bayelsa State.
Wabote hinted further that the implementation of the plan commenced last year and that the target was to retain 70 percent of the $20 billion spent annually.
Represented at the forum by the Board’s Director of Finance and Personnel, Mr Isaac Yalah, the NCDMB boss added that only five percent of the $20 billion spent annually was retained prior to establishment of the board in 2010.
He said that the development plan was informed by the need to increase local participation in the oil and gas industry, boost indigenous businesses as well improve the nation’s economy.
Specifically, he hinted that a critical aspect of the 10-year development plan was the $200 million of the Nigerian Content Investment Fund (NCIF), which was being managed by Bank of Industry (BoI), to meet the funding needs of indigenous players in the oil and gas industry.
Elaborating further on the fund which is made available for contributors to Nigerian Content Development Fund (NCDF) and community contractors in oil and gas bearing communities, the General Manager, NCIF, Mr. Obinna Ofili, said that only 11 had so far accessed the fund since it was established.
According to him, the loan types comprises manufacturing, asset acquisition, contract finance, community contractor finance scheme and loan refinancing, noting further that the facility ranged from $10 million to $20 million for community contractor financed scheme.
Ofili said that the tenor of all the loans was five years and that applicants could apply through the BOI/NCIF portal while loans could be accessed at single digit interest loan of between five and eight percent after 45 working days of meeting the fund criteria.
Facilitators at the workshop which focused mainly on how NCIF could increase access to the NCDF include Prof. Walter Ihejirika of University of Port Harcourt, who spoke on Strategies and Techniques for Effective Coverage of the Energy Sector in Nigeria: the NCIF Dimension while Prof. Diri Tellanyo of Federal University, Otuoke delivered a lecture on the topic ‘Current Trends and New Themes in Energy and Business Reporting’.
