Local Content Fund boost by $200m

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Petrol dollar

The Federal Government is to relaunch the Nigerian Content Intervention Fund (NCI Fund) as it increased the pool available for lending to qualified oil and gas players from $100 million to $200 million.

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, who made the disclosure on Monday, said the agency had obtained all necessary approvals for the relaunch.

This, he said, was to increase the opportunities for more deserving companies to benefit from the fund.

He spoke in Lagos just as Dangote Refinery said it would select competent Nigerian vendors that would participate in the construction of its plant from the Nigerian Oil and Gas Industry Joint Qualification System (NOGICJQS), the database of available capacities in the oil and gas industry managed by the NCDMB.

The Chief Operating Officer of Dangote Refinery, Mr. Giuseppe Surace, made this commitment at a recent technical meeting held between top officials of the company and the NCDMB at the refinery project site in Lekki, Lagos State.

According to a statement Monday by the NCDMB, Surace said there were many advantages in patronising the local market, adding that Nigerian companies would get the first right of refusal.

“We will procure anything that is available in Nigeria,” Surace said. He added that there were several Nigerian Content opportunities in the company’s refinery and gas gathering projects, stressing that interested companies must submit competitive bids and have technical capabilities.

He explained that the project was a private investment, hence the strategy to get the best quality anywhere in the world at the most competitive price.
Surace urged local vendors to quote reasonable prices when bidding for industry projects, rather than believe that they would win jobs because of the Nigerian Content Act, irrespective of the cost in their quotations.

He noted that the Dangote Group engaged the services of some Nigerian companies on its fertiliser project, which had reached an advanced stage of development and was committed to do the same on the 650,000 barrels per day refinery project, which would be completed in October 2019.

In his comments, Wabote promised that the agency would assist the company in the utilisation of the NOGICJQS database to ensure that it maximises the utilisation of local personnel, goods and services in the construction and operations phase of the project.

“The Nigerian Content Act applies to every player in the Nigerian oil and gas industry and not just international companies. If Nigerian companies and investors procure everything from abroad then the essence of the Act will be defeated,” Wabote said.

Wabote maintained that slight cost differentials between Nigerian and foreign vendors should not be an excuse to export jobs, stressing that the opportunity cost of creating employment for Nigerians, developing local capacity, retaining spending in the economy and engendering a safe operating environment for companies justifies any marginal cost of execution charged by Nigerian vendors.

He explained that Nigerian companies were affected by the high costs of funds and powering their operations with diesel generators, assuring them however that investments and initiatives by the federal government was already improving the power situation in the country.

He disclosed that the board had obtained all necessary approval to relaunch the Nigerian Content Intervention Fund (NCI Fund), adding that the pool available for lending to qualified oil and gas players had been increased from $100 million to $200 million to ensure that more deserving companies benefit at the same time.

He reiterated that NCI Fund would be disbursed directly by the Bank of Industry (BOI) at eight per cent interest rate and repaid within five years.

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  228. Hello there! I know this is somewhat off topic but I was wondering if you knew where I could locate a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having trouble finding one? Thanks a lot!

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  232. Hi there just wanted to give you a quick heads up and let you know a few of the images aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same results.

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  238. Today, I went to the beachfront with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is entirely off topic but I had to tell someone!

  239. Today, I went to the beach front with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is totally off topic but I had to tell someone!

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  241. With havin so much written content do you ever run into any problems of plagorism or copyright violation? My site has a lot of exclusive content I’ve either authored myself or outsourced but it looks like a lot of it is popping it up all over the web without my authorization. Do you know any methods to help protect against content from being stolen? I’d truly appreciate it.

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  251. Hi there just wanted to give you a brief heads up and let you know a few of the images aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same outcome.

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  253. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get three emails with the same comment. Is there any way you can remove people from that service? Thank you!

  254. Have you ever considered publishing an ebook or guest authoring on other blogs? I have a blog based upon on the same information you discuss and would love to have you share some stories/information. I know my audience would appreciate your work. If you’re even remotely interested, feel free to shoot me an e-mail.

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  256. Hey there! Quick question that’s totally off topic. Do you know how to make your site mobile friendly? My site looks weird when viewing from my iphone4. I’m trying to find a theme or plugin that might be able to fix this issue. If you have any recommendations, please share. Thanks!

  257. My coder is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the expenses. But he’s tryiong none the less. I’ve been using WordPress on several websites for about a year and am nervous about switching to another platform. I have heard excellent things about blogengine.net. Is there a way I can transfer all my wordpress content into it? Any kind of help would be really appreciated!

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  260. The other day, while I was at work, my sister stole my iphone and tested to see if it can survive a 25 foot drop, just so she can be a youtube sensation. My iPad is now destroyed and she has 83 views. I know this is completely off topic but I had to share it with someone!

  261. Hi, i read your blog occasionally and i own a similar one and i was just wondering if you get a lot of spam responses? If so how do you stop it, any plugin or anything you can recommend? I get so much lately it’s driving me insane so any help is very much appreciated.

  262. Today, I went to the beachfront with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is totally off topic but I had to tell someone!

  263. Excellent blog! Do you have any tips for aspiring writers? I’m planning to start my own blog soon but I’m a little lost on everything. Would you suggest starting with a free platform like WordPress or go for a paid option? There are so many choices out there that I’m completely confused .. Any suggestions? Appreciate it!

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  267. Hmm is anyone else experiencing problems with the pictures on this blog loading? I’m trying to find out if its a problem on my end or if it’s the blog. Any feedback would be greatly appreciated.

  268. I am curious to find out what blog system you have been utilizing? I’m having some minor security issues with my latest site and I would like to find something more safeguarded. Do you have any suggestions?

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  270. My programmer is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the expenses. But he’s tryiong none the less. I’ve been using WordPress on numerous websites for about a year and am nervous about switching to another platform. I have heard excellent things about blogengine.net. Is there a way I can transfer all my wordpress content into it? Any kind of help would be greatly appreciated!

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  273. Good day! I know this is kinda off topic but I was wondering which blog platform are you using for this site? I’m getting tired of WordPress because I’ve had problems with hackers and I’m looking at options for another platform. I would be awesome if you could point me in the direction of a good platform.

  274. Hello just wanted to give you a quick heads up and let you know a few of the images aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same results.

  275. I was curious if you ever considered changing the page layout of your blog? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or 2 pictures. Maybe you could space it out better?

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  277. When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you can remove people from that service? Thanks!

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  281. Heya! I just wanted to ask if you ever have any problems with hackers? My last blog (wordpress) was hacked and I ended up losing months of hard work due to no back up. Do you have any solutions to stop hackers?