FG raises Nigerian Content Intervention Fund to $350m

The Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) has approved the expansion of the Nigerian Content Intervention Fund from US$200 million to US$350 million.

The enlargement of the Fund by US$150 million was part of the decisions taken at the recent NCDMB Governing Council meeting, which held virtually on June 16, 2020 according to a release signed by Julius Bokoru, special assistant on media and public affairs to Timipre Sylva, minister of state for Petroleum Resources.

The meeting was chaired by the Minister of State for Petroleum Resources, Timipre Sylva, who is the Chairman of the Council.

The Council approved that US$100 million from the additional funds would be deployed to boost the five existing loan products of the NCI Fund, which include manufacturing, asset acquisition, contract finance, loan refinancing and community contractor financing.

Similarly, the Council also approved that US$20 million and US$30 million respectively should be deployed to two newly developed loan product types – the Intervention Fund for Women in Oil & Gas and PETAN Products, which include Working Capital loans and Capacity Building loans for PETAN member companies.

SOURCE: businessday.ng