• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, June 25, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NCDMB, BoI partner on oil, gas park fund scheme

Fund

The Matters Press by The Matters Press
March 9, 2023
Reading Time: 2 mins read
0
NCDMB to host local content investment forum

The Nigerian Content Development and Monitoring Board (NCDMB) has brokered a partnership with the Bank of Industry (BoI) for industrial parks fund to encourage in-country manufacturing across the oil and gas value chain.

RELATED POSTS

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Mr Simbi Wabote, Executive Secretary, NCDMB, during the signing of Memorandum of Understanding (MoU) on Wednesday in Lagos, said the two parks were located at Bayelsa and Cross River states.

Wobote said the BoI would bring to bear its developmental stride and as provide counterpart funding in support of indigenous manufacturing companies.

He lauded the BoI for the successful disbursement of the $300 million Nigerian Content Development Fund (NCDF) to over 60 eligible beneficiaries to solve funding issues in the oil and gas sector.

He, however, noted that the park scheme partnership was different as applicants needed not to be contributors to the Nigerian Content Development Fund (NCDF).

Wabote said the fund would support businesses that want to establish themselves within the industrial parks built by the NCDMB as long as they were domiciled and manufactured within the parks.

He added that some of the benefits of the parks included incentivised loan scheme and accommodation, training facilities and adequate security infrastructure.

Others, he said, were free rent until the businesses started manufacturing and making money, a one-year moratorium and a five-year pack-back period for potential occupants of the park.

“We have two of those parks that are ready to be inaugurated before the end of the year and we are in the process of getting tenants into those parks to manufacture oil and gas equipment in the country.

“It is highly incentivised to encourage manufacturers to establish themselves at the parks.

“Today, we pride ourselves that about 98 per cent of contracts in the oil and gas sector are given to Nigerians.

“However, when you look really deep into the components and equipment used, you realise that the manufacturing capabilities of the country have been limited and so we want to up the game in manufacturing with this initiative.

“The park is all-inclusive in terms of 24-hour security, services and power which is one of the greatest challenges for manufacturers,” he said.

Also, Mr Olukayode Pitan, Managing Director, BoI, revealed that the $300 million NCIF to 62 indigenous businesses recorded close to 100 percent repayment.

Pitan encouraged manufacturers particularly players in the oil and gas sector to take advantage of the spaces available at the parks and count on BoI to provide the necessary facilities to aid manufacturing.

“With the success of the NCIF, we have decided to extend the products and I tell you that the interest rates are very good; less than 10 per cent.

“The fund would ensure that Nigerian companies are supported, the factories are working and the local content in oil and gas sector becomes shored up,” he said.

Tags: Fund
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Tinubu denies manipulating NASS
Economy/Technology

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

June 20, 2025
Next Post
New Naira notes unavailable even as CBN campaigns for acceptance

Banks issue old notes in FCT, customers hesitant

New naira notes: Rush as long queues of customers flood banks

CBN issues operational guidelines on open banking

Recommended Stories

DMO releases bonds issuance calendar

DMO lists 2 new savings bonds for subscription

June 4, 2022
Nigeria, Equatorial Guinea in talks to boost gas production

Gas stakeholders solicit regulatory bodies’ synergy to ensure safety

July 21, 2023
Cholera, Lassa fever kill 3,804 Nigerians

Cholera, Lassa fever kill 3,804 Nigerians

January 17, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
  • Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
  • Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us