NCDMB Saves Nigeria N5Bn Annually After Exiting Appropriation 

Yemisi Izuora 

The Nigerian Content Development and Monitoring Board,  NCDMB,  has disclosed receiving $45 million between January and April this year, under the Nigerian Content Intervention Fund,  NCIF. 

Oriental News Nigeria reports that the NCIF is funded from 1 per cent deductions from contract award by operating international oil companies in the country.

The Board also said it will save N5 billion for the federal government yearly beginning from 2018 after exiting appropriation from national budget. 

Giving this information in Lagos at a one day capacity building for energy and business journalists, Mr.  Obinna Ofili general manager Nigerian Content Development Fund,  said presently about 157 operators contributes to the fund. 

Ofili said the over $72 million came into the fund in 2017, on average monthly remittance of $6 million.

He said the Board is now self sustenance and no longer receive subvention from government. By do doing the agency is saving government N5 billion every year which represents its operating costs from national budget.

Ofili also said the Board has been able to retain $5 billion annually in-country from yearly $20 billion oil industry spend. 

The Board targets achieving 70 per cent which translates to $14 billion retention in the next ten years.

Speaking on the $200 million Nigerian Content Intervention Fund,  NCI,  he said the fund will help increase indigenous participation in the oil and gas industry, promote growth and development of Nigerian Content activities connected with sectors of the industry.

The fund will also deepen the creation of linkages to other sectors of the national economy and boost Industry contributions to growth of National Gross Domestic Product, GDP,  among others.

The NCI fund is a pool of funds made available by NCDMB,  and managed by the Bank of Industry to meet funding needs of indigenous manufacturers, service providers and other key players in the oil and gas industry.

Add Comment