- June 24, 2021
- Posted by: adminer
- Category: Natural Resources, Trade and Industry
The Nigeria Content Development and Monitoring Bank (NCDMB) and the Nigeria Export Import Bank (NEXIM) have signed agreement on 30 million dollars Capital and Capacity building Fund for the oil and gas sector servicing.
Mr Simbi wabote, the Executive Secretary of NCDMB said at the signing ceremony in Abuja on Wednesday that the fund would go a long way to stabilise the sector.
“I want to commend Oil Producers Trade section (OPTS) because 98 per cent of the fund that we utilise in NCDMB are contributed by the OPTS members who generate these money for us.
“I know that OPTS and Independent Petroleum producers Group (IPPG) at some point raised before NCDMB that ability of most of the indigenous contractors to provide service to them due to fund challenges, especially when we got struck by COVID-19.
“I recalled receiving several letter particularly from IPPG trying to see how we support this and also I recall receiving similar letter from Petroleum Technology Association of Nigeria (PETAN) when the COVID-19 struck.
“And most people have nothing to do anymore because companies were shut down and most were threatening on how to downsize and kick off their pay roll.
“Based on this, we then set up a committee to see how we can support, so this funding scheme is working capital intervention which is happening with NEXIM bank, our other intervention fund is still with Bank of Industry (BOI) and it has been very successful with almost 98 per cent compliance in terms of pay back of the loan…