FG Increases Local Content Fund to $200m

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FG Increases Local Content Fund to $200m

•   Dangote refinery to select vendors from Nigeria’s oil industry database
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has said the agency had obtained all necessary approvals to relaunch the Nigerian Content Intervention Fund (NCI Fund) and had increased the pool available for lending to qualified oil and gas players from $100 million to $200 million.

This, he said, was to increase the opportunities for more deserving companies to benefit from the fund.
He spoke in Lagos just as Dangote Refinery said it would select competent Nigerian vendors that would participate in the construction of its plant from the Nigerian Oil and Gas Industry Joint Qualification System (NOGICJQS), the database of available capacities in the oil and gas industry managed by the NCDMB.

The Chief Operating Officer of Dangote Refinery, Mr. Giuseppe Surace, made this commitment at a recent technical meeting held between top officials of the company and the NCDMB at the refinery project site in Lekki, Lagos State.

According to a statement yesterday by the NCDMB, Surace said there were many advantages in patronising the local market, adding that Nigerian companies would get the first right of refusal.
“We will procure anything that is available in Nigeria,” Surace said. He added that there were several Nigerian Content opportunities in the company’s refinery and gas gathering projects, stressing that interested companies must submit competitive bids and have technical capabilities.

He explained that the project was a private investment, hence the strategy to get the best quality anywhere in the world at the most competitive price.

Surace urged local vendors to quote reasonable prices when bidding for industry projects, rather than believe that they would win jobs because of the Nigerian Content Act, irrespective of the cost in their quotations.

He noted that Dangote Group engaged the services of some Nigerian companies on its fertilizer project, which had reached an advanced stage of development and was committed to do the same on the 650,000 barrels per day refinery project, which would be completed in October 2019.

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