NCDMB, NEXIM Disburse $42 Million to Boost Nigerian SMEs in Oil and Gas Sector.
In an effort to empower Nigeria’s oil and gas services sector, the Nigerian Content Development and Monitoriong Board (NCDMB), and Nigerian Export Import Bank (NEXIM) have disbursed about $42 million to Small and Medium Enterprises (SMEs) to boost their participation in the sector.
The Head, Specialised Business at NEXIM, Muhammed Awami, disclosed this on Wednesday, at the panel session during NCDMB stakeholders sensitisation and Engagement Forum in Port Harcourt, Rivers State.
Awami stated that though the working capital of Capacity Fund is $30 million, but they have exceeded the amount in other to attract more Nigerian players in oil and gas sector.
The stakeholders sensitisation and Engagement Forum which has as its theme: “Deepening Local Content through Certification, Compliance and Financing Support,” brought together key players in the oil and gas industry to deliberate on the involvement of Nigerian players.
Awami, urged the duly registered Nigerian oil service providers with viable contract with International Oil Companies (IOCs) and National Oil Companies (NOCs) to take advantage of the NCDMB Working Capital and Capacity Fund, managed by NEXIM bank.
He said the fund offers flexible financing and tailoring solutions to meet their business needs, and catalyse business growth, help to access markets, expand global footprint and unlock new opportunities.
“When it’s time to repay, we expect that repayments are made by the beneficiaries so that we can also lend again to other people, the fund Working Capital and Capacity Fund is $30 million but so far, we have disbursed about $42 million.
Represented by Dr Osa Uchendu, Ogbe said the conversation will boost more participation of Nigerian players in the oil and gas industry and encourage their business growth.
Also speaking, the Group Head Oil and Gas, in the Bank of Industry, Gabriel Yemidale, said the Nigerian Content Intervention Fund (NCI Fund) which l started in 2017, with N200 million had grown to N300 million in 2023.
Source: Arisetv