Stories by Musa Adamu
Abuja
The Nigerian Content Development and Monitoring Board (NCDMB), has has disclosed that it was in talks with some banks to provided long-term funding to oil and gas firms in the country.
Making the disclosure at the load-out and sail-away ceremony of Chevron’s Sonam non-associated gas wellhead platform (Sonam NWP) in Lagos, the executive secretary of the board, said it became imperative to talk to banks so they could move away from the current short term facilities to oil and gas companies, as the oil industry projects are long tenured.
He said: “Discussion with banks to ensure they (banks) don’t put pressure on oil firms is nothing new to us, because we have over time been engaging the bankers and that has been one of the areas we have been pushing them to make sure we have facilities that last for quite long and not just short term facilities.”
He debunked allegations that the Nigerian Content Fund (NCF)has remained idle while many players in the industry could not access funds to execute their jobs or projects, saying that the Nigerian companies were already utilising the fund.
“The Nigerian Content Fund is not idle. The Fund is being utilised by Nigerian companies. For instance, Ladol, which is in Lagos, is taking advantage of the facility, and a lot of other companies. We are doing all we can to make sure Nigerians are more aware of the Fund’s availability. We are also engaging the banks to ensure that the banks release information at their disposal that can help their clients on the standards of the facilities that can be tapped into.”
He expressed concern over the job loss in the industry on account of low oil prices in the international market.