Good News as Nigeria Repays Content Intervention Fund

Nigeria has made significant progress in repaying the Nigerian Content Intervention (NCI) fund, with 90% of the fund being paid back to the Bank of Industry (BOI). The Nigerian Content Development Monitoring Board (NCDMB) confirmed this repayment, with Executive Secretary Felix Ogbe stating that the NCDMB had achieved success in overseeing the fund.

The NCI fund, established as part of the Nigerian Oil and Gas Industry Content Development Act, saw $300 million deposited by the NCDMB and $330 million disbursed by BOI as loans to 60 eligible oil and gas firms. The NCDMB also highlighted other achievements, such as the construction of a galvanizing plant and progress on the Nigerian Oil and Gas Parks Scheme.

The NCDMB's priorities going forward include continuous development and human capacity building in the sector. The Senate has pledged support for the NCDMB's efforts in local content development.