NCDMB targets $1 billion intervention fund in three years

The Nigerian Content Development and Monitoring Board (NCDMB) said in Lagos on Monday that it expects the Nigerian Content Intervention (NCI) fund to hit $1 billion in the next three years.

Speaking at NCDMB’s research and development forum in Lagos, the board’s executive secretary, Simbi Wabote, said with the launch of $200 million intervention fund with the support of Bank of Industry, the bank was charged to attract more fund to make the NCI fund more than $1 billion in the next three years.

Wabote said the $200 million fund has all the attractions to encourage the growth of industry. “The loan will be given to local vendors, service providers at a fixed rate of 8 per cent interest and for five years tenor.

It has $10 million available to single obligor at a particular point in time. You can imagine the change this will bring into the industry if you give loans to service providers at that rate for five years,” he said.

Photo Caption: Executive Secretary, Nigerian Content Development and Monitoring Board Simbi Wabote