The Nigerian Content Development Monitoring Board (NCDMB) has announced that plans have been put in place to introduce a new financing scheme, which will address the gaps in the Bank of Industry (BOI) funding initiative of the the oil and gas sector.
According to Vanguard, Mr. Simbi Wabote, the Executive Secretary of NCDMB made the announcement, at the launch of Project 100 in Abuja.
He said the establishment of the scheme was necessary following numerous lapses witnessed in the current funding structure. Also, companies to benefit from the scheme are those selected under the newly-launched ‘Project 100’ programme.
Wabote noted that beneficiaries of the project will have both financial and non-financial interventions to aid in promoting local content, as top challenges hindering oil servicing are in areas of technology, restricted access, licensing among others.
He also explained that some of the non-financial intervention would involve the provision of strategic business/technical support, research and development, capacity building, business insight, among others.
The NCDMB boss disclosed that the project was a brainchild of Kachikwu, who had given a charge during his early days as a minister.
