The Nigerian Content Development and Monitoring Board has introduced the Nigerian Content Fund Clearance Certificate(NCFCC) as a mandatory compliance document for contractors and operators in the oil and gas sector.
The certificate was launched during a Stakeholders’ Sensitization workshop held in, Lagos, where the Board also showcased an upgraded Nigerian Content Development Fund payment portal and a revised Community Contractors Finance Scheme.
The NCFCC is now a prerequisite for contract bidding, project approvals, and Board certifications in the oil and gas industry. It forms a core part of NCDMB’s regulatory drive to ensure full compliance with statutory financial contributions as stipulated by section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
The NOGICD Act mandates all entities in the upstream sector of the Nigerian oil and gas industry to pay one percent of the value of their contracts into the Nigerian Content Development Fund (NCDF), managed by the NCDMB for developing Nigerian content in the oil and gas and linkage sectors.
In line with these regulatory developments, the Board announced that over 130 indigenous companies had accessed funding from the $400m Nigerian Content Intervention Fund(NCI Fund).
The NCI Fund is a portion of the NCDF managed in partnership with the Bank of Industry and the Nigerian Export-Import Bank, to provide low cost finance to qualified oil service companies, to enhance their competiveness and deepen Nigerian content performance in the oil and gas industry and grow the national economy.
Speaking at the event, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe said the certificate and digital tools were designed to enhance compliance, transparency, and access to finance for indigenous contractors.
“This programme is more than a workshop; it reaffirms our commitment to deepen Nigerian content, enhance oversight, and open up financing opportunities for indigenous and community-based contractors,” Ogbe stated.
ALSO READ:
- Dangote refinery accused of frequent price reductions to cause financial strains on fuel importers
- NUPRC revokes operating licence of Oritsemeyin rig
- NUPRC seals conversion of first PPL to PML from 2020 bid round
- Nigeria’s Crude Oil Losses Drop To 16-Year-Low
- GenCos return 3,228MW to national grid 12hrs after collapse
