th<\/sup>\u00a0quarter of 2022 and would incubate the manufacturing of equipment components utilized in the oil and gas industry and create an estimated 2000 jobs in each park.<\/p>\nIn his words, \u201con Thursday, the Governing Council of the Board approved an additional $50m product in the Nigerian Content Intervention (NCI) Fund to support in-country manufacturing of components within the industrial parks currently being developed by the Board in Bayelsa and Cross River States.\u201d<\/p>\n
The Executive Secretary stated that NCDMB understands the challenge associated with manufacturing, especially the reluctance of banks to extend loans to manufacturers, because of the long repayment period for such facilities. He disclosed that the NOGAPS Manufacturing fund will soon be launched and will be managed by the Bank of Industry (BoI) to address the identified challenges.<\/p>\n
The new fund would be a stand-alone product line with distinct fund allocation and special eligibility criteria and collateral structure. The decision of the Board to establish the product was informed by the peculiarities of the manufacturing sector, which include infrastructure challenges, long gestation, long lead time before returns, low margins on products, and high risk attached to the endeavor, in addition to the reluctance of commercial banks to lend to the sector and application of stiff collateral and eligibility criteria where loans are extended.<\/p>\n
The Board established the NCI Fund in 2018 with the purpose of financing Oil and Gas companies to increase capacity and grow Nigerian Content in the Industry Presently, the NCI Fund has five product lines which are being managed by the Bank of Industry. They include \u2013 Manufacturing Finance -$10m; Asset Acquisition Finance -$10m; Contract Finance -$5m; Loan Refinance -$10m and Community Contractor Finance \u2013 N20 million.<\/p>\n
The Board also has a US$30 million Working Capital Fund for oil and gas service companies and<\/p>\n
US$20m Fund for Women in Oil and Gas Intervention Fund. Both facilities are administered by the Nexim Nigerian Export-Import Bank and the agreements were signed in mid-2021.<\/p>\n
The Executive Secretary stressed that the manufacturing sector is central to the overall initiative of the Federal Government and NCDMB to develop the economy and create indigenous capacity in the supply chain. He underscored the linkage between access to manufacturing finance with the viability of the Nigerian Oil & Gas Parks when operational.<\/p>\n
The NCDMB boss disclosed that the Nigerian Content Equipment Certificate (NCEC) was one of the important tools introduced by the Board to encourage local manufacturing, assembly, fabrication, threading, coating, repair\/maintenance, calibration, and testing of equipment.<\/p>\n
He reiterated that the NCEC has helped drive the establishment and development of facilities and infrastructure for local manufacturing and related activities in collaboration with Original Equipment Manufacturers (OEMs), investors and technical partners. He stated further that it has promoted the development and growth of human capital, especially local skilled manpower and industry\/technology experts.<\/p>\n
While applauding Catobi Nigeria Enterprises Limited for contributing to the attainment of the Board\u2019s 10-year strategic roadmap, Wabote noted the upgrade of the facility will strengthen the valve assembly operations in-country, maintenance and instrumentation services. He disclosed that the valve assembly plant now possesses the capacity to handle shut-off and control valve testing, test pressure safety bunker operations, valve assembling, and disassembling.<\/p>\n
\u201cCatobi Nigeria Enterprise Ltd is a superb example of what a Nigerian oil and gas service company can grow into over a period of time in demonstration of the resilience of the Nigerian enterprise,\u201d Wabote added.<\/p>\n
He called on the other service companies to emulate the company to invest in manufacturing and promote development of services that the will benefit the Nigerian economy.<\/p>\n
Chairman, Catobi Nigeria Enterprise Ltd, Dr. Okey Ukaegbu appreciated the support he had received from the industry through the implementation of the Nigerian Oil and Gas Industry Content Development Act 2010. He mentioned with the new valve assembling plant, the company will be able to serve other sectors of the economy.<\/p>\n
According to Ukaegbu, \u201cthe plant is a great opportunity to showcase a Nigeria company\u2019s capacity and we are poised to continue to meet the industry needs and demands with timely delivery and at the right cost.\u201d<\/p>\n
In his remarks, the Chairman, Petroleum Technology Association of Nigerian (PETAN), Mr. Nicolas Odinuwe asked industry operators to give the opportunity to members of the association as they possessed capacities and capabilities to deliver. He said, we have the best equipment, and if there is no opportunity you cannot build competence.\u201d<\/p>\n
The event was attended by some members of NCDMB\u2019s management, representatives of the international oil companies (IOCs), representatives of service companies, PETAN executive, and other oil and gas industry stakeholders.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigerian Content Development and Monitoring Board (NCDMB) has secured approval to launch a US$50 million fund for NOGAPS Manufacturing Product Line. This fund would be dedicated to companies that … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":11860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[10187,10189,7219,3724,1483,5501,8223,10184,10186,10191,10185,8765,8768,2137,10190,10188],"class_list":["post-11859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-assembly","tag-calibration","tag-coating","tag-fabrication","tag-maintenance","tag-manufacturing","tag-ncdmb","tag-ncec","tag-nigerian-content-equipment-certificate","tag-nogaps","tag-oems","tag-petan","tag-petroleum-technology-association-of-nigeria","tag-repair","tag-testing","tag-threading","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/NCDMB-Fund.jpg?fit=500%2C297&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-35h","jetpack-related-posts":[{"id":9557,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-ncdmb-petan-sign-agreement-on-us30m-working-capital-scheme\/","url_meta":{"origin":11859,"position":0},"title":"NIGERIA: NCDMB, PETAN sign agreement on US$30m Working Capital Scheme","author":"","date":"December 14, 2020","format":false,"excerpt":"The Nigerian Content Development and Monitoring Board (NCDMB) and the Petroleum Technology Association of Nigeria (PETAN) on Monday signed an agreement on US$30m Working Capital Scheme that will support the operations of oil companies against the adverse effects of COVID-19 Pandemic and loss of contracts due to low oil price.\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14077,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-2023-practical-nigerian-content-forum-to-kick-off-in-yenagoa-next-week\/","url_meta":{"origin":11859,"position":1},"title":"NIGERIA: 2023 Practical Nigerian Content Forum to Kick-off in Yenagoa Next Week","author":"","date":"November 27, 2023","format":false,"excerpt":"The 17-story Nigerian Content Tower (NCT), Headquarters of the Nigerian Content Development and Monitoring Board (NCDMB), Swali, Yenagoa, is set to host oil and gas industry eggheads and policy makers as the yearly Practical Nigerian Content (PNC) Forum 2023, 12th edition, kicks off on 4th December. The Minister of State\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Nigeria-Content-Forum.jpg?fit=680%2C419&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Nigeria-Content-Forum.jpg?fit=680%2C419&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/11\/Nigeria-Content-Forum.jpg?fit=680%2C419&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11660,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-ncdmb-navy-to-collaborate-on-vessel-compliance-security\/","url_meta":{"origin":11859,"position":2},"title":"NIGERIA: NCDMB, Navy to collaborate on vessel compliance, security","author":"","date":"January 20, 2022","format":false,"excerpt":"The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Navy on Wednesday agreed to collaborate closely to enforce the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in maritime operations by curbing the use of non\u2013compliant and non\u2013categorized vessels and intercepting illegal vessels and non\u2013compliant crew members\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/NCDMB-Nigeria-Navy.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/NCDMB-Nigeria-Navy.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/NCDMB-Nigeria-Navy.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/NCDMB-Nigeria-Navy.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/NCDMB-Nigeria-Navy.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":8885,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-ncdmb-gas-hub-unveiled-in-bayelsa\/","url_meta":{"origin":11859,"position":3},"title":"NIGERIA: NCDMB Gas Hub Unveiled in Bayelsa","author":"","date":"August 17, 2020","format":false,"excerpt":"The Minister of State for Petroleum Resources, Chief Timipre Sylva on Thursday unveiled the Nigerian Content Development and Monitoring Board (NCDMB) Gas Hub and performed the groundbreaking ceremony of Rungas LPG Composite Cylinder Manufacturing plant, located inside the Gas Hub at Polaku community, Bayelsa state. The Gas Hub is sited\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Nigeria-Gas-Hub.jpg?fit=664%2C960&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Nigeria-Gas-Hub.jpg?fit=664%2C960&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Nigeria-Gas-Hub.jpg?fit=664%2C960&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11820,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-ncdmb-commence-subsea-system-training-for-p100-companies\/","url_meta":{"origin":11859,"position":4},"title":"NIGERIA: NCDMB Commence Subsea System Training For P100 Companies","author":"","date":"February 11, 2022","format":false,"excerpt":"The Nigerian Content Development and Monitoring Board (NCDMB) on Monday started subsea system and FPSO training for the 40 firms that form the second batch of Project 100 companies. Delivering his remark at the kick-off ceremony, which was held in Port Harcourt, Rivers State, the Executive Secretary of the Board,\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/EGYPT-BP-Qattameya.jpg?fit=750%2C421&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/EGYPT-BP-Qattameya.jpg?fit=750%2C421&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/EGYPT-BP-Qattameya.jpg?fit=750%2C421&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/EGYPT-BP-Qattameya.jpg?fit=750%2C421&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12020,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-duport-modular-refinery-ready-end-of-march-ncdmb\/","url_meta":{"origin":11859,"position":5},"title":"NIGERIA: Duport Modular Refinery Ready End Of March\u2013 NCDMB","author":"","date":"March 11, 2022","format":false,"excerpt":"The Duport Modular Refinery financed with equity participation by the Nigerian Content Development and Monitoring Board (NCDMB) will be ready for commissioning by end of March 2022, the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote has said that. 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