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Nigeria : $100m deal entered by Content Board and Bol.

A $100 Million deal to support indigenous oil and gas operators is signed by the Bank of Industry (Bol) and Nigeria Content Development Board.

BoIs Acting Managing Director,Waheed Olagunju said that the collaboration would reduce the nations external dependence in the oil and gas sector in terms of funding and technical knowledge.

He said that the Nigerian Content Intervention Fund (NCI Fund) would address the paucity of funding and inability of operators to access credit, a practice that is affecting manufacturers, service providers and other key players in the oil and gas industry.

He felt sorry that most indigenous companies have not been given the advantage they deserve to operate in the sector due to paucity of fund, and praised the Board for unveiling the NCI Fund.

Olagunju said that it would be managed by BoI and would be loaned directly to qualifying players in the oil and gas industry under competitive terms.

This is a departure from the past where the Nigerian Content Development Fund (NCDF) offered partial guarantees and 50 % interest refund to service companies that gained facilities from commercial banks for asset acquisition and projects execution.

Three companies-Ladol, Starz and Vandrezzer consummated transactions under the old model which became operational in 2012.

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Publication:Mena Report
Date:Jul 21, 2016
Words:219
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