BoI, NCDMB seal $100m pact on local content devt – Guardian

The Bank of Industry (BoI) and Nigerian Content Development and Monitoring Board (NCDMB) have signed a Memorandum of Understanding (MoU) to facilitate the disbursement of $100 million to operators in the oil and gas sector for local content development.

Under the agreement, the bank will serve as the custodian and manager of the $100 million Nigerian Content Intervention Fund (NCI Fund) to meet the funding needs of manufacturers, service providers and other key players in the nation’s oil and gas industry.

Specifically, the NCI Fund will be disbursed to operators in the sector at a single digit interest rate of eight per cent with a tenor period of between one to ten years.

Furthermore, the Fund will attract a moratorium of 12 months and a maximum of $10 million obligor limit for operators seeking to access the fund.

Speaking at the signing of the pact in Lagos, yesterday, the Acting Managing Director, BoI, Waheed Olagunju expressed optimism of the partnership having a lot of impact on the lives of many Nigerians.