NCDMB Enforces 1% NCDF Remittance for Oil Sector Compliance
The Nigerian Content Development and Monitoring Board (NCDMB) has reiterated the mandatory 1% remittance to the Nigerian Content Development Fund (NCDF) for contractors in Nigeria's upstream oil and gas sector. Dr. Obinna Ezeobi, the board's General Manager of Corporate Communications, emphasized that compliance with this mandate is crucial for companies to access regulatory approval certificates.
The NCDMB warns that failure to comply will affect companies' ability to obtain necessary regulatory documents. The NCDF, established under Section 104 of the Nigerian Oil and Gas Industry Content Development Act of 2010, is designed to enhance local participation in the oil and gas value chain.
The fund is managed by the NCDMB and aims to build technical expertise and reduce reliance on foreign service providers. The board has made compliance certificates mandatory for accessing regulatory services, with a deadline set for February 2025.
The NCDF has reportedly grown to over $300 million, supporting indigenous enterprises in Nigeria's oil and gas industry.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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