NCDMB Provides $500m Funding Support For Nigerian Companies -Wabote

Executive Secretary, NCDMB, Engr. Simbi Wabote.

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has disclosed that the Board has so far provided about $500 million to support local companies in Nigeria.

Engr. Wabote spoke in his Opening Address at the ongoing Nigerian Oil and Gas Energy Week (NOG 2023) in Abuja on Monday.

He said, “the Board has embarked on several initiatives including funding support and other initiatives that are skewed toward developing both human capital and infrastructure.

“Some of the funding initiatives that were provided to support local companies include the $300million Nigerian Content Intervention Fund with BOI, the $100million Matched Fund with NEXIM Bank, the $50million R&D Intervention Fund and the $50million No Gaps Manufacturing Fund”, he said.

Wabote said, the Board has also partnered with local businesses to establish modular refineries, gas processing plants, LPG storage facilities, Base Oil production plant, LPG depot and refilling plants, and others with clear exit plans as the target goals are achieved.

The ES said, due to the challenges identified in the area of manufacturing, the Board is providing assistance to local businesses by developing the NOGAPS Industrial Parks to provide modern infrastructure using the “sites and services” model to support in-country manufacturing.

He said, “the Industrial Parks are at various stages of development in seven (7) states namely Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, and Ondo states. The NOGAPS Industrial Parks at Odukpani in Cross River state and the one at Emeyal-1 in Bayelsa state are both at advanced stages of completion and will commence operations in 2024. We have commenced allocation of manufacturing shopfloors and services plots to qualified applicants.

“Let me also use this opportunity to recognize the contribution of the SPDC JV and the ExxonMobil JV for the contributions to aspects of the industrial parks using the CDI programs”, he said.

The NCDMB boss said, the Board has established the NOGIC-JQS platform as the repository of all industry capacities and capabilities. This platform also hosts the Expatriate Quota approval management module, the NCEC module, the Marine Vessel Categorization module, amongst other modules.

“As at end of June 2023, we have 290,000 individual records, 10,400 service company records, 107 operator company records, and about 600 Marine Vessel records contained on the JQS portal”, he said.


Previous articleNNPC Intercepts Vessel With Stolen Crude Oil
Next articleNAFDAC Vows To Prosecute Drug Hawkers, Erring Fruit Vendors

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.