$200m Fund Ready for Oil, Gas Companies

Nigeria’s $200 million single digit interest intervention fund is now ready to support local companies in the oil and gas industry.

The designed was designed a year ago by the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI).

The fund, “Nigerian Content Intervention Fund (NCI Fund)’’, is designed to provide loans to Nigerian companies involved in manufacturing in the oil and gas industry.

It is also for firms that are seeking to acquire assets, especially rigs and marine vessels, Mr. Ibe Kachikwu, Minister of State for Petroleum Resources, said when the fund was in the mill.

The fund is also expected to cover contract financing for Nigerian oil service providers, contract financing for oil and gas community contractors and contract and loan refinancing for service companies that already have facilities with Nigerian banks.