business

NCDMB Launches Content Fund Certificate, Disburses $400M to 130 Nigerian Companies

Published

2 months ago

July 12, 2025

NCDMB Launches Nigerian Content Fund Certificate, Disburses $400M to 130 Local Firms

The Nigerian Content Development and Monitoring Board (NCDMB) has unveiled the Nigerian Content Fund Clearance Certificate (NCFCC)—a new mandatory compliance requirement for operators and contractors in Nigeria’s oil and gas sector. The announcement was made at a stakeholder sensitization workshop held in Lagos, where the Board also introduced an upgraded Nigerian Content Development Fund (NCDF) payment portal and a revamped Community Contractors Finance Scheme.

The NCFCC is now a prerequisite for contract bidding, project approval, and certification within the oil and gas industry. This initiative enforces Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, which mandates that upstream companies contribute 1% of every contract value to the NCDF. These contributions fund initiatives that promote indigenous participation and capacity development across the oil and gas value chain.

$400 Million in Local Support

At the event, NCDMB revealed that over 130 indigenous companies have already accessed financing from the $400 million Nigerian Content Intervention Fund (NCI Fund). The Fund—managed in collaboration with the Bank of Industry (BOI) and the Nigerian Export-Import Bank (NEXIM)—provides low-interest loans to qualified oil service providers to enhance competitiveness and drive economic development.

NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe, noted that the introduction of the NCFCC and the digital platform upgrades would enhance transparency, improve access to finance, and streamline compliance for both indigenous and grassroots contractors.

“This initiative reflects our renewed commitment to strengthening local content, improving regulatory oversight, and facilitating funding access,” Ogbe said.

Representing the Executive Secretary, Mr. Mubaraq Zubair, Acting Director of Finance and Personnel Management, explained that the new NCDF portal enables real-time verification of remittances and expedites approval timelines. He added that the revised Community Contractors Scheme was developed alongside banks to boost financial inclusion at the grassroots level.

“We’ve eliminated key access barriers by partnering with banks like FCMB to bring funding closer to underserved communities,” Zubair said.

Key Features of the New Certificate

Dr. Ayebatonye Epemu, Supervisor of Planning and Policy at NCDMB, clarified that the NCFCC is now compulsory for all upstream companies, consultants, and vendors. Issued through the NOGIC-JQS portal, the certificate is valid for 12 months and takes 14 working days to process.

Disbursement Performance & Financing Options

According to Mr. Gabriel Yemilade, Group Head of Oil and Gas at BOI, over $348.3 million and ₦48.3 billion have been disbursed to 79 Nigerian firms in areas such as modular refining, marine logistics, fabrication, and gas processing. He added that the fund has grown from $200 million in 2017 to $300 million by 2020, reflecting the growing demand for indigenous financing.

BOI also manages the Community Contractors Scheme, offering loans of up to ₦100 million at 8% annual interest, secured through contracts or Standing Payment Orders (ISPOs).

From the banking sector, Mr. Akintomide James, Head of Midstream & Dealers at FCMB, highlighted the bank’s role in managing a ₦50 billion facility under the revised community scheme. FCMB will provide vendor financing, invoice discounting, and asset acquisition support to registered local contractors.

NEXIM Bank’s Mr. Mohammed Awami introduced two new funding windows worth $50 million, including a $30 million General Facility and a $20 million Women in Oil and Gas Programme. These funds will support equipment leasing, working capital, and contract execution, with a strong emphasis on economic inclusion and gender diversity.

Addressing Access Barriers

Despite impressive disbursement volumes, challenges persist. Fateemah Mohammed, GM of NCDF (represented by Mr. Erefagha Turner), reported that only 30.47% of applicants qualified for loans under BOI-managed schemes, largely due to documentation and collateral constraints.

“Between January 2024 and May 2025, disbursement volumes rose by 11.43%, and naira value grew by 21.06%, but access challenges remain,” she noted.

To tackle these barriers, the Board plans to simplify application processes, expand awareness campaigns, and introduce more flexible security requirements—especially for women and community-based entrepreneurs.

business

Discover Life-Changing Digital Products You Can Buy Today on Selar

Published

2 weeks ago

September 1, 2025

globa_admin

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business

We are Hiring: Social Media Growth Ambassadors (2 Positions)

Published

4 weeks ago

August 18, 2025

globa_admin

Remote | Part-Time or Flexible Hours

Are you active on social media and passionate about business, jobs, and opportunities?
Do you know how to attract attention, spark engagement, and drive traffic online?
Then this opportunity is for you!

Role Overview:

We are looking for 2 dynamic individuals to serve as Social Media Growth Ambassadors for GlobabizEmpire.com — a trusted online platform for global jobs, business insights, and income opportunities.

Key Responsibilities:

Promote GlobabizEmpire.com consistently on Facebook, Instagram, WhatsApp, TikTok, or X
Share daily job updates, business news, and smart money tips from the website
Drive website traffic using content, trends, reels, and referral links
Respond to DMs/comments and convert viewers into website visitors
Provide weekly reports on reach, impressions, and traffic performance

What You’ll Need:

A strong presence on social media (min. 2,500 followers on at least one platform)
Great communication skills and social media creativity
Consistency and accountability
Passion for helping people grow their careers or income

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Monthly stipend + performance-based bonus
Opportunity to grow your personal brand with us
Free digital training + content materials
Certificate of Digital Advocacy (upon successful campaign)

How to Apply:

Send us a message with:

Your full name
Link to your active social media profiles
Short message on why you are the perfect fit
Screenshot of your past engaging post (if available)

Email: [email protected]
WhatsApp: +234 8153507382
Deadline: August 22, 2025

business

NEXIM Bank and SMEDAN Partner to Strengthen SME Export Capacity Nationwide

Published

2 months ago

July 25, 2025

globa_admin

NEXIM Bank and SMEDAN Sign Landmark MoU to Boost SME Export Growth in Nigeria

In a bold move to strengthen Nigeria’s small business ecosystem, the Nigerian Export-Import Bank (NEXIM) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a groundbreaking Memorandum of Understanding (MoU) aimed at accelerating the growth and global competitiveness of Small and Medium Enterprises (SMEs) across the country.

A Strategic Partnership for Economic Transformation

This MoU formalizes a strategic alliance between NEXIM and SMEDAN, focusing on:

Export financing and access to global markets
Tailored financial products for SMEs
Capacity-building and training programs
Promotion of Made-in-Nigeria products internationally

The collaboration is expected to streamline trade facilitation and offer Nigerian SMEs the tools and support needed to thrive in international value chains.

Empowering SMEs for Global Competitiveness

Speaking at the signing ceremony, Abba Bello, Managing Director/CEO of NEXIM Bank, emphasized the significance of this partnership in preparing Nigerian SMEs to compete globally, particularly under the African Continental Free Trade Agreement (AfCFTA).

“This collaboration with SMEDAN is a critical step in our mission to empower Nigerian SMEs. By combining our financial instruments with SMEDAN’s development expertise, we are creating a robust support framework that enables small businesses to scale and succeed in export markets,” Bello said.

Removing Barriers and Unlocking Opportunities

On his part, Charles Odii, Director-General of SMEDAN, noted that the agreement will help eliminate major hurdles that have long hindered SMEs from tapping into international markets.

“Our goal is to ensure Nigerian SMEs have not just the skills but also the financial backing to grow. This MoU with NEXIM Bank paves the way for real participation in global trade,” Odii remarked.

He also outlined key focus areas of the collaboration:

Providing export-oriented financing solutions
Offering expert training and advisory services
Simplifying export processes for MSMEs

🇳🇬 Aligning with Nigeria’s Economic Diversification Agenda

This partnership supports the federal government’s broader vision of economic diversification and inclusive growth, particularly through public-private partnerships that empower micro, small, and medium-sized enterprises (MSMEs).

About the Agencies

NEXIM Bank, established under Act 38 of 1991, is Nigeria’s official Export Credit Agency, providing financing, risk management, and advisory services to support the development of non-oil exports.

SMEDAN, created by the SMIDA Act of 2003, is the federal government’s leading institution tasked with fostering the growth, sustainability, and global competitiveness of MSMEs across Nigeria.