The Nigerian Content Intervention Fund is a Nigerian Content Development & Monitoring Board (NCDMB) fund managed by Bank of Industry Limited (BOI).
Objective of Nigerian Content Intervention Fund
The fund is designed to achieve the following strategic objectives:
- To increase indigenous participation in the oil and gas industry, build local capacity and competencies.
- To promote the growth and development of Nigerian Content in activities connected with sectors of the Nigerian oil and gas Industry.
- To deepen the creation of linkages to other sectors of the national economy and boost industry contributions to the growth of Nigeria’s National Gross Domestic Product.
- To address persistent funding challenges that have hindered capacity and growth of local service providers in oil and gas.
- To facilitate the growth of community based companies in the upstream oil and gas sector.
- To spur productivity and job creation in the Oil and Gas Industry.
- To attract investment capital into the sector and boost contribution of the sector to Nigeria’s economic growth.
Nigerian Content Intervention Fund Category
1. Manufacturing Funds: This product provides a maximum of 5 year loan of up to US$10M @ 8% p.a. to Nigerian oil and gas companies compliant with NCDF remittances to local manufacturers in the Nigerian oil and gas industry.
Requirements for Manufacturing Funds Application
2. Assets Acquisition Funds: This product provides a maximum of 5 year loan of up to US$10M @ 8% p.a. to Nigerian oil and gas companies compliant with NCDF remittances which intend to acquire plants, rigs, marine vessels, facilities and other ancillary equipment for use in the local upstream sector.
Requirements for Assets Acquisition Funds
3. Contract Finance Funds: This product provides a maximum of 5 year loan of up to US$5M @ 8% p.a. to Nigerian oil and gas companies compliant with NCDF remittances which intend to finance contracts from IOCs
Requirements for Contract Finance Funds
Target Market – Indigenous oil & gas companies who intend to finance contracts from IOCs and are contributors to the Nigerian Content Development Fund (NCDF)