NCDMB Sensitizes Stakeholders on Compliance and Revised Finance Scheme

The Nigerian Content Development and Monitoring Board (NCDMB) recently held a two-day sensitization programme aimed at educating stakeholders on the compliance certificate process, the upgraded Nigerian Content Development Fund (NCDF), the enhanced payment portal, and the revised community contractor finance scheme.

Speaking at the event, NCDMB officials explained that the compliance certificate was introduced as part of efforts to enforce Section 104 of the Nigerian Oil and Gas Industry Content Development Act of 2010. The certification process has been fully automated to enhance transparency, eliminate human interference, and allow for real-time tracking of submissions. The certificate is issued at no cost to applicants, with a maximum processing time of 14 business days. Valid for one year, it can be authenticated using either a unique ID or a barcode, both of which will be issued upon completion. The updated process is also designed to work seamlessly with the NCDMB’s payment platform.

In addition to compliance, the Board presented updates on the revised community contractor finance scheme. This loan programme is tailored to support local contractors, offering up to one hundred million naira for a one-year period at an interest rate of eight percent. To qualify, applicants are required to present only two documents: an ISO certification and a valid contract.

Participants were also briefed on the NEXIM Oil and Gas Service Support Facility, which provides financial support for oil and gas operators. The initiative includes a working capital fund, a capacity building fund, and a dedicated fund for women in oil and gas. The women-focused fund provides up to twenty million dollars at interest rates of five percent for the dollar component and eight percent for the naira component. The single obligor limit is one million dollars or the equivalent in naira, with a standard processing time of 21 days, provided there are no delays.

The Bank of Industry (BoI) also shared details on its $300 million oil and gas business fund, which supports various financing needs including asset acquisition, contract financing, and refinancing. All loans are accessed through the BoI online portal. Processing times vary depending on the loan amount, with funds below five million naira processed within 45 days and those above requiring up to 90 days. The primary requirement for these loans is a bank guarantee, although alternatives like treasury bills and government bonds are also accepted. So far, 75 beneficiaries have accessed the fund.

The NOGAPS fund, designed to support manufacturers interested in setting up factories at industrial parks in Bayelsa and Odukpani (Cross River State), was also highlighted. This facility offers up to three million dollars per applicant at interest rates of five percent for dollar-denominated loans and nine percent for naira-based ones.

During the session, stakeholders proposed key improvements to the systems in place. One suggestion was to allow contractors to view remittances made on their behalf through their portals, to promote transparency. Another recommendation was to provide a virtual option for upcoming sensitization programs in Port Harcourt and Warri, such as a Zoom link, so that interested parties in Lagos and other parts of the country can participate.

The sensitization programme reflects NCDMB’s ongoing commitment to driving compliance, improving access to financing, and empowering local players in the oil and gas value chain.