By Ndubuisi Micheal Obineme
The Nigerian Content Development and Monitoring Board (NCDMB) has announced that it has invested $332 million to attract project developments valued at $3.7 billion under its commercial ventures partnership program.
Engr Simbi Wabote, Executive Secretary of the NCDMB, made this known in his welcome address at the 2021 edition of the Nigerian Oil & Gas Opportunity Fair (NOGOF).
Wabote said funding is one of the critical elements required to realize oil and gas opportunities, adding that NCDMB has made the necessary changes to make its intervention funds more accessible.
He continued, “We have widened the options for accessing our intervention funds by increasing the size of our intervention funds from $200 million to $350 million, increasing the number of products from 5 to 7, and also increasing the number of managing banks from 1 to 2.
“We have committed a total of USD332 million to attract project developments valued at $3.7billion under our commercial ventures partnership program.
“The Federal Government is also implementing the N2.3trillion Economic Sustainability Plan managed by the Office of the Vice President for public works, housing program, Solar Home Systems, agriculture, healthcare, and social investment.
“There is no gainsaying that the desired level of opportunities cannot be harnessed by Nigerian companies without the domiciliation of critical infrastructure such as roads, power, trunklines, railways.
“The railways and the train stations, the Second Niger Bridge, the AKK Pipeline, and other infrastructure project provide unique opportunities for investments and businesses to thrive.
“There are opportunities in areas of manufacturing, logistics, security, facilities management, training, catering services, occupational health services, and many others.”