NCDMB, BOI inaugurate c’ttee for $100m Nigerian Content Equity Fund
In a move to provide a new financing solution to the Nigerian oil and gas service sector, and accelerate local content growth, the Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) on Friday in Lagos inaugurated the Investment Committee of the Nigerian Content Equity Fund (NCEF) – a groundbreaking $100 million financing product designed to avail long-term financing to service companies and provide access to funds in exchange for equity rather than traditional debt instruments.
The inauguration of the investment committee marks another milestone in the evolution of the NCI Fund, a flagship intervention established under section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, to bridge financing gaps confronting indigenous oil industry firms.
According to the product paper, the underlying goal of the Nigerian Content Equity Fund (NCEF) is to reduce per-unit cost of oil and gas products and services locally, create an additional source of income for NCDMB, and play a catalytic role in attracting other investors and lenders to financially viable organizations.
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