The Nigerian Content Development Monitoring Board, NCDMB, has announced plans to introduce a new financing scheme to address the gaps witnessed under the Bank of Industry, BOI, funding initiative for companies operating in the Nigerian oil and gas industry.
Speaking in Abuja, Executive Secretary of the NCDMB, Mr. Simbi Wabote, stated that companies selected under the newly-launched ‘Project one hundred’ programme, would be the initial beneficiaries of the funding that would be provided.
According to him, a number of lapses had been observed in the existing funding structure for companies operating in the petroleum industry and this new financing scheme would address these gaps.
However, Mr Wabote, who was speaking at the launch of the Project one hundred, noted that studies conducted during the selection of the beneficiaries of the Project one hundred, revealed that access to finance did not feature among the top challenges hampering indigenous oil servicing companies.
The leading challenges identified by the companies surveyed, according to Mr Wabote, include lack of access to technology, issues of licensing, restricted access to the markets among others.
He further noted that the benefitting companies in the Project 100 would enjoy both financial and non-financial interventions, noting that in the financial aspect, the NCDMB would provide relevant
linkages for the provision of actual financial/pecuniary interventions to beneficiaries for well targeted initiatives that promote local content development.
He said financial linkages entail provision of access to finance and opportunities for mergers and acquisitions.
Non-financial interventions included policy interventions, access to markets, capacity building, business insight, research and development.
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