…Signs deal with NEXIM Bank
The Nigerian Content Development and Monitoring Board, NCDMB, has set up a $30 million working capital fund to support indigenous oil and gas companies.
The fund, according to NCDMB, will support the operations of local oil companies against the adverse effects of COVID-19 Pandemic, loss of contracts due to low oil price and ensure the companies retain their personnel in employment.
The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote who gave details of the fund at an event to sign an agreement with the Nigerian Export-Import Bank, NEXIM Bank, on Wednesday in Abuja disclosed that the roll-out date is July 1, 2021.
He said and NEXIM Bank would provide matching funds of the same amount in Naira to the fund.
The Working Capital Scheme, he explained, is one of the newly introduced products in the Nigerian Content Intervention Fund (NCI Fund) approved by the NCDMB Governing Council under the leadership of the Minister of State for Petroleum Resources, Chief Timipre Sylva.
Target beneficiaries include members of the Petroleum Technology Association of Nigeria, PETAN, and Oil and Gas Trainers Association of Nigeria, OGTAN, that are commercially viable with a business relationship with either an International Oil Company or major Nigerian Oil Company.
SOURCE: vanguardngr.com