The Governing Council of the Nigerian Content Development and Monitoring Board has approved the expansion of the Nigerian Content Intervention Fund from $200m to $350m.
They established on Sunday that the $150m (75 per cent) increase in the fund was part of the decisions taken at the recent NCDMB Governing Council meeting, which held virtually on June 16.
The meeting was chaired by the Minister of State for Petroleum Resources, Chief Timipre Sylva, who doubles as the council chairman.
The $100m approved by the council from the additional funds would be deployed to boost the five existing loan products of the NCI Fund.
The loan products, according to a statement issued in Abuja by Sylva’s Special Assistant on Media and Public Affairs, Julius Bokoru, include manufacturing, asset acquisition, contract finance, loan refinancing and community contractor financing.
“Similarly, the council also approved that $20m and $30m respectively should be deployed to two newly developed loan product types,” the statement added.
It named the product types as the Intervention Fund for Women in Oil and Gas and Petroleum Technology Association of Nigeria products.
Source: https://punchng.com/nigerian-content-fund-increases-by-75-to-350m/
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