In its recent findings, the Nigerian Senate has brought to light the existence of $400 million in intervention funds that have been held in various banks and financial institutions for a number of years.
During a meeting with the Nigerian Content Development and Monitoring Board (NCDMB), Senator Natasha Akpoti-Uduaghan, who serves as the Chairman of the Senate Committee on Local Content, shared this information.
Akpoti-Uduaghan mentioned that a portion of the discovered intervention funds was allocated towards enhancing knowledge and skills in the oil and gas sector, with $30 million specifically designated for this purpose. Additionally, there was an allocation of $20 million intended to support women involved in oil and gas enterprises.
There is an additional $50 million allocated for research and development in the oil and gas sectors which has been placed in the Central Bank of Nigeria (CBN).
Based on her statement, the funds have the potential to draw in manufacturers of oil and gas equipment to the facilities of the Nigerian Oil and Gas Parks Scheme (NOGaPS), as well as enhance the availability of affordable financial resources for these manufacturing entities.
However, during his reply, Engr Felix Ogbo, the Executive Secretary of NCDMB, disclosed that the Bank of Industry (BoI) still holds the $300 million intended for the Nigerian Content Intervention Fund.
He mentioned that the complete sum of $300 million has already been distributed. Additionally, he clarified that the total disbursed amount has reached $330 million thus far. He went on to explain that as recipients repay their loans, the funds would be made available to other individuals seeking to borrow.
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