By Abidemi Samuel
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The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) have reviewed the agreement on the Nigerian Content Community Contractors Financing Scheme. This development aims to address the challenges faced by local contractors in accessing funds for contracts awarded by oil and gas companies.
The reviewed agreement was signed at the ongoing 13th Practical Nigerian Content (PNC) Conference and Exhibition, held at the NCDMB Conference Centre in Yenagoa, Bayelsa State. The community contractor fund has been allocated N15 billion, with the single obligor limit increased from N20 million to N100 million.
In his remarks, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, revealed that 312 Nigerian Content Plans have been approved by the Board, and 402 Nigerian Content Compliance Certificates (NCCCs) were issued. He also highlighted the new Project Certification and Authorisation Directorate (PCAD) guidelines, which have reduced the Board’s touchpoints from nine to five and cut the contracting cycle to six months.
Furthermore, Ogbe discussed the Nigerian Content Academy, established by the Board to provide training and prepare Nigerians for various aspects of the oil and gas industry. He emphasized that the Academy is creating new career paths and economic opportunities for local communities.
The Bayelsa State Deputy Governor, Senator Lawrence Ewhrudjakpo, commended the NCDMB and industry stakeholders for their collaboration, which has led to significant developments in the petroleum industry. He also reminded the industry captains that Bayelsa State deserves to have a train built within its territory, considering it accounts for about 60% of the gas feedstock for the Nigeria Liquefied Natural Gas (NLNG) Project, Bonny.
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