Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Export-Import Bank (NEXIM-Bank) have signed a memorandum of understanding (MoU) on $30 million working capital fund for oil and gas service companies.
The deal was signed recently in Abuja between the two government establishments.
The Fund was conceived by the NCDMB to support the operations of local oil companies against the adverse effects of COVID-19 pandemic, loss of contracts due to low oil price and ensure the companies retain their personnel in employment.
The working capital scheme, according to a statement, is one of the newly introduced products in the Nigerian Content Intervention Fund (NCI Fund) approved by the NCDMB Governing Council under the leadership of the Minister of State for Petroleum Resources, Chief Timipre Sylva.
The target beneficiaries of the fund include members of the Petroleum Technology Association of Nigeria (PETAN) and Oil and Gas Trainers Association of Nigeria (OGTAN) that are commercially viable with a business relationship with either an International Oil Company (IOC) or major Nigerian Oil Company (NOC).
